chapter  10
The Red Ink of Orange County: When Is It Ethical for Public Treasurers to Gamble with Public Money? Only When You Win!
Pages 7

THE ORANGE COUNTY DEFAULT A default is a failure to pay a debt when it is due. Unlike the private sector, where a corporate default can result in a forced bankruptcy, the end of the corporation and the division of all remaining assets, governmental organizations almost invariably survive to borrow another day.