Reply #3: Pfft! Small-timer!

[onager]

Dec. 1994--Orange County, CA is riding high on the can't-miss investments of county Treasurer Robert Citron. About $90 million is siphoned out of public funds and sunk--an apt word, as it turned out--into Citron's amazing investment pools.

Citron bets interest rates will continue to fall, and he has a secret weapon--he asks a small army of astrologers and psychics for their predictions.

Result: interest rates rose, Wall Street panicked, and virtually overnight, Citron's Psychic-Powered Investment Strategy lost over $1.5 billion.

Orange County declared itself Officially Broke. It was the largest municipal bankruptcy in U.S. history.