Has OC learned key bankruptcy lessons?

When Orange County declared bankruptcy 25 years ago on Dec. 6, 1994, the move unnerved financial markets across the country. And for good reason.
This affluent bastion of conservatism was, at the time, the largest municipality in the United States to ever file Chapter 9.
It was embarrassing — and almost unfathomable that nobody had noticed the warning signs.
Maybe not nobody. Sen. John Moorlach, R-Costa Mesa, was a private accountant who was being prodded by some GOP leaders into running a