Explain whether the Board of Supervisors was culpable for Orange County's bankruptcy. Given a second chance, what should the board have done differently?
What will be an ideal response?
Oversight of Citron's activities by the Orange County Board of Supervisors appears to be drastically negligent. Only one member of the board had any financial expertise, and hard questions about Citron's borrowing and investment transactions were not asked by any member of the board. Citron reported to the board only once a year, which is relatively seldom for a fund as large as OCIP.
Given a second chance, it is likely that the board would have reconsidered its composition, sought independent, external advice, increased the frequency of Citron's reports, and demanded better quality information.
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