Big
Bets
Gone Bad:

The Actors

by Philippe Jorion





Excerpts from January 17 California State Hearings (Transcript below)

Bob Citron, Treasurer

Mike Stamenson, Merrill broker

Gaddi Vasquez, County Supervisor

Roger Stanton, County Supervisor

Quentin Kopp, California State Senator

Excerpts from January 17 California State Hearings


Citron: However in retrospect, I wish I had more education and training in complex government securities...

Stamenson: We were purveyors of products, Senator...

Vasquez: We have not, Madam Chair, been able to ascertain how it was that this particular audit was no available to us...

Stanton:I am just indicating, Sir, that we did not --from official agencies, from reports, from staff-- receive the red flags that I think are necessary to start probing...

Kopp: Now, if you look at Section 25303, which I read earlier today, Supervisor Stanton, it says the Board of Supervisors shall supervise the official ... conduct of county officials, etcetera...