European Stars and Stripes (Newspaper) - December 8, 1994, Darmstadt, Hesse                                Wealthy county for bankruptcy Santa Ana Calif. A Orange county is an affluent bastion of California conservatism Home of Disneyland Birthplace of Richard Nixon a and now the largest local government to file for chapter 9 bankruptcy. Battered by disastrous losses to its multimillion Dollar investment fund the county sought Protection from its creditors tuesday after brokerages Cut off the fund s credit. Police fire emergency and other vital services wont be interrupted. But any actions other than Ordinary business will have to be approved by a bankruptcy judge. The filing gives county officials 120 Days to study the complicated investment Kir Folio assembled by former treasurer Obert Citron who resigned sunday. Itin the stars and stripes Orange county Calif. Los Angeles county a Riverside county i few a amps also allows officials to work out a strategy to pay the funds debts. The securities and Exchange commission is investigating whether the county or Citron violated securities Laws. The county of 2.6 million residents Southeast of los Angeles is Home to Nixon a presidential Library and wealthy Beach towns. Its 31 cities and several unincorporated areas also include enclaves of Southeast asian immigrants. About 185 cities school districts and other government agencies also have Money tied up in the fund which enjoyed big profits by borrowing Money Short term to buy longer term Bonds. Using that strategy Citron had leveraged $7.8 billion into a $20 billion portfolio. When interest rates soared this year the funds value tumbled to $18.5 billion. In addition the funds liquidity dropped from $2.2 billion to $350 million Over eight months. The losses were compounded by Cit 10years ago dec. 8,1984 a the president of the  Union Carbide corp. Was released after being held for six hours by Indian police investigating a poisonous Gas leak that killed More than 1,600 people in Bhopal. 20years ago dec. 8,1974 a Secretary of state Henry Kissinger warned Congress that the Cost of winning a better arms limitation agreement with the soviets could approach $10 billion.30 year Sago dec. 8,1964 italian president Antonio Segni resigned for health reasons and the country s political parties were searching for a successor As the nation s chief of state.40 year Sago dec. 8,1954 a sen. Joseph me Carthy accused president Eisenhower of congratulating senators who prevent the exposure of communists and of urging tolerance for chinese communists who torture american soldiers.50 year Sago dec. 8,1944 a blasting from House to House with Tommy guns British paratroopers cleared out primary greek resistance Strong Points around the acropolis As sporadic sniping flared up elsewhere in Athens. World War ii 50 years ago today dec. 81 a 9 a 4>4. , Navy cruisers destroyers and warplanes _ bombard japanese positions on iwo Jima. In the Philippines american soldiers Advance within nearly a mile a of Oroc on the West coast of Leyte . Troops repel a japanese attack on Buri in Central Leyte. British troops Cross the Lamone River South of Faenza in the Eastern end of the _ italian front. Soviet forces attack near Szekes Fehervary Hungary source 2194 Days of War w h. Smith publishers inc. Tha world almanac of world War ii Bison books corp., 1981 Quot apr a. At a no More Broccoli upbeat after eight Days in the Hospital former vice president Dan Quayle walks out tuesday from Indiana University medical Center where he was treated for blood clots in his lungs. Quayle who served under president Bush a a Veteran Broccoli hater a was advised to Cut Back on Green vegetables which can cause clotting. Quayle who is taking blood thinners told reporters in Indianapolis he so on the  _ size up Prissy by Scripps Howard news service Evansville ind. Mall officials have no problem with their woman Santa. Claus but apparently some kids do. One Parent recounted her songs lament a my list wont Ever get to the North pole with  Eastland mall marketing director Cas Sie Gilliam said that the woman who works there weekday afternoons a fits All the Job  refused to release the woman a name and would not let the Evansville courier photograph her saying that even discussing any of the people who portray Santa Claus tarnishes the spirit of Christmas v Gilliam said she personally Haid not received any complaints and does no to understand Why anyone would complain anyway saying it was a mind boggling that someone would object. Ron a decision to put one third of the portfolio into a inverse floaters a derivative securities that Are More sensitive to rate fluctuations than the three year to five year government Bonds that made up most of the rest of the investments. A group of investment Banks demanded repayment of $1.2 billion in Short term Loans that was far More than the fund could raise without Selling securities whose value had been depressed by rising interest rates and would turn what so far had been paper losses into real ones. A. A a. A a a a a a a a. The county instead filed for bankruptcy Protection. While the county prepares a plan to repay its debts neither the brokerages that Lent it Money nor the Muni Cipa ties and agencies that invested ii the fund can collect their claims. In a but some parents who have toted their tots to the mall say their children walked away disappointed or worse. A when my son came off there he was in tears a said Jennifer Eastham who took her 4-year-old son to see the mall Santa one afternoon. A the said a my list wont Ever get to the North pole with  cried for  i could Tell when we were standing in line a Kim Hermayer said. V a the i guess its she acted Kinda Prissy you know. He,-1 mean she moved More like a woman than a  Hermayer described the Santa she saw As a a frail with Little padding but Gilliam. Said the female Santa was similar in physique to the other santas employed there. Gilliam would not elaborate on the Job qualifications saying the mall was an a equal Opportunity  better Way urged to test a president s health status Washington a Ronald Reagan a disclosure last month that he has alzheimer a disease raised questions about what would happen if a president were disabled and refused to recognize it. Former president Carter said an ind Epen Dent panel of doctors a not the presidents Cabinet and vice president a should decide when the Powers of a disabled president should be transferred to the vice president. The constitutions 25th amendment adopted in 1967 to Deal with presidential disability spells out a procedure. It says the vice president and a majority of the Cabinet a for of such other body As Congress May by Law provide Quot can act when those officials determine that the president is unable to function. If the president resists it would require a two thirds vote of each House of Congress to keep him from resuming Power. That part of the 25th amendment has never been used and Congress has not designated any other body to make the judgment. But Carter writing in the journal of the american medical association said he would like to put the decision in the hands of outside doctors. Otherwise he said the vice president and the Cabinet would rely on the presidents personal physicians who would be Tom Between loyalty to the chief executive and to the nations Best interests. A we must find a better Way a Carter wrote. A this might be by creating a nonpartisan group of expert representatives of the medical Community who Are not directly involved in the Case of the president. They could be Given the responsibility for determining disability thereby relieving the presidents physicians from their potential conflict of interest and enabling the 25th amendment to work prudently and  Carter made no mention of Reagan a condition. But in Minneapolis or. Steve Miles a professor of geriatric Medicine at the University of Minnesota recently write that he and other geriatricians had been concerned by Reagan a behaviour during his presidency. / a we were concerned by the increasing vagueness of his presidency his inability to speak lucidly outside of Brief tightly controlled settings a Miles wrote in the Star Tribune newspaper of the twin cities. He said fib and his _ colleagues even considered appealing publicly for a exan mation of Reagan to see if he was suffering from alzheimer a but decided to do nothing a Given White House medical reports that All was well.�?�. _