Orange County, Calif., may still do business with broker from its bankruptcy
Orange County, Calif., may soon renew business ties with Merrill Lynch, the company that was partly blamed for the county’s 1994 bankruptcy. On Thursday, the county’s finance committee voted to add Merrill Lynch to a list of 23 available underwriters, according to the Los Angeles Times. The firm was previously held responsible for a series of risky investments that cost the county $1.6 billion, leading to the bankruptcy. Members of the committee, whose decision must be approved by the Board of Supervisors, say the company has reformed and most of the employees who were there in 1994 are gone.