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August 28, 2007


turn the other cheek

need a "w" in that 2nd para


I am glad to see that he is being investigated. The people of Dorsey Trailers in Elba, Alabama are watching to see how Orange County deals with this man. Thank You Orange County!

Long-time Politico

Great analysis, Jubal. I agree with all you have said.

I would go on to point out that Mr. Street has a very shallow to non-existant political resume. He was all but unknown to the political establishment of OC prior to his elevation to the number two spot under Moorlach. This reality argues against the Lincoln Club or the RCCOC going to bat for him. He is not an insider with the local GOP and it is too late for him to make friends at this point.

Street's got one asset in this fight, and that is his attorney. Phil Greer is well respected and knowledgeable; he has beaten Mike Schroeder silly on the Nguyen v Nguyen stuff and has extensive contacts and favors to call in. But if the facts continue to surface and paint an ever clearer picture of a man with poor judgement (or worse), even Phil Greer will not be able to save Street.

We will all need patience to see this through.

Green Machine

LTP, you may be right but the longer Street holds on the longer Supervisor Moorlach must deal with it. Even if there isn't any criminal wrongdoing there is a lot of PR fallout and it will be fodder for Moorlach's detractors. Moorlach has already mentioned that it has been a big distraction for his office (he should have said embarrassment), so Moorlach will continue to turn up the political heat hoping to make this problem go away. The Lincoln club who sees Moorlach as their golden child may come to his aid in his hour of need.

Today's OCR editorial takes a wait and see approach and recommends that no action be taken. Their reasoning is actually pretty good and it may influence the other supervisors who haven't taken a position (other than Norby) I'm sure it has Moorlach squirming.

Long-time Politico

GM, I suspect many agree with both of us. I take issue with the OCR editorial because it does not take into account the emotional component of investing. Allow me to elaborate.

Mr. Street's current tribulations do not inspire confidence in the hearts or minds of those with money invested in 'the pool.' It is entirely logical that, as further bad news emerges, these pool investors will begin withdrawing their money and placing it into the hands of less controversial money managers (there are MANY.) Given the highly volatile market for fixed income securities, it is plausible that the two gentlemen who so capably manage the pool might have to liquidate under adverse circumstances. I am privileged to know these gentlemen and our money could not be safer or better managed; but if Street's travails spook the pool participants, even their sterling character and capabilities might not be equal to the current market's volatility.

Just a thought.

As to Moolach's indigestion over this; yes, he has clear ownership of this predicament and must be deeply troubled. You are right, his political enemies will make much of this situation as long as Street hangs on to this job. Personally, I suspect it will take a recall to get him out of such a sweet gig.

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