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OC Supes Strip Street of investment powers

In the picture below we have OC Treasurer-Tax Collector Chriss Street speaking in 2007 to reporters taking a tour of his newly remodeled offices. The “Peggy” mentioned in the quote bubble is OC Register’s former county government reporter Peggy Lowe. Seems awfully prophetic doesn’t it?

Jennifer Muir at the Orange County Register reports on todays Board action to remove Treasurer-Tax Collector Chriss Street’s investment authority.

County supervisors on Tuesday unanimously voted to revoke Orange County’s Treasurer-Tax Collector Chriss Street’s authority to invest county funds.

The vote comes on the heels of a federal ruling against Street that in his previous job, he breached his fiduciary duty when he attempted to build an empire instead of protecting the assets of a trust he was hired to liquidate. He was ordered to pay more than $7 million in damages to the End of the Road Trust, which he ran for seven years.

Supervisors said Tuesday that while Street has done a good job as treasurer, the move was needed to prevent the public and investors from losing confidence in the county’s investment pool until Street’s term ends on Jan. 3, 2011.

Street recommended last week that the board temporarily remove his ability to invest county funds, but he suggested handing over that authority to the county’s elected Auditor-Controller David Sundstrom. The board rejected Street’s plan and instead gave investing authority to the county’s Chief Financial Officer Robert Franz.

You can read Muir’s complete story HERE.