Orange County Supervisors this week discreetly removed investment authority from OC Treasurer-Tax Collector Shari Freidenrich – immediately following the 30th anniversary of Orange County’s bankruptcy.
Known as the banker for the county along with community and school districts, Freidenrich’s main duty is the deposit, investment, collection, and disbursement of public funds.
As per county records, she is tasked with managing the County of Orange’s $12 billion investment pool and acts as a trustee for the $20 billion Orange County Employee Retirement System.
During the 1994 scandal – the first municipal bankruptcy of its kind in America filed on Dec. 6 that year – there was an excessive dependence on former Treasurer Robert Citron, a negligence that resulted in over $1 billion in repayments to Wall Street investors for county taxpayers.
