October 25, 2004

Compassionate, Conservative, Bankrupt

What is it with conservative southern California and money? First Orange County loses its shirt due to a failure to understand a concept we financial professionals like to call "risk".

Now San Diego, apparently operating on the assumption that stocks were unlikely to ever go down, seems to have mislaid $1.7 bn or so.

And these are the people who tell us we don't understand money.

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