County Treasurer Wants Merrill Lynch Back
Orange County Treasurer-Tax Collector John M.W. Moorlach told the Board of Supervisors on Monday that he favors doing business again with Merrill Lynch, the Wall Street brokerage firm the county accused of helping cause 1994’s county bankruptcy.
In a memo to the board, Moorlach said the county would save millions of dollars if it adds Merrill Lynch to its slate of financial services providers.
The board today will consider a proposal by Supervisor Todd Spitzer to set strict guidelines under which the county could again do business with Merrill Lynch.
Spitzer’s plan requires that any deal involving Merrill Lynch first receive a public review and approval from the board.
Officials blamed Merrill Lynch for selling the county risky investments that helped cause the bankruptcy.
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