Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County. the Largest Municipal Failure in U.S. History

Jorion (finance, Univ. of California-Irvine) had a ringside seat at the great Orange County, California, financial debacle of 1994. He gives readers information about the major players and a thorough analysis of the esoteric financial instruments that provided the vehicle by which the treasurer, Robert Citron, bankrupted the county after losing $1.5 billion. Readers unfamiliar with financial jargon may find the chapters detailing the high-flying world of repos and derivatives heavy going, but those interested in learning what really happened in Orange County will find that time invested in Jorion's book is well spent. Recommended for public and academic libraries.-Andrea C. Dragon, Coll. of St. Elizabeth, Convent Station, N.J.