Posted by on September 23, 2022 5:42 pm
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Categories: Breaking News Epoch Times News

Former State Senator Runs for Costa Mesa Mayor

The County of Orange was in turmoil in 1994, after having filed bankruptcy that December. It was out $1.67 billion in investment losses—becoming the largest municipal bankruptcy in history.
John Moorlach, a CPA and financial planner was appointed county treasurer-tax collector following the bankruptcy and within 18 months he assisted the county’s exit of Chapter 9 bankruptcy. He now is running for mayor of Costa Mesa in the Nov. 8 election. His sole opponent is incumbent John Stephens.
Before the bankruptcy, Moorlach said he tried to warn the county of a possible financial crisis and criticized the county’s treasurer at the time for leveraging money on interest rates. He said he knew if rates went up, the practice would quickly fail….

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