Even the infamous O.J. Simpson murder trial, dubbed the ‘trial of the century’, was overshadowed by Orange County’s bankruptcy in 1995.
Commentary
The murder charges from 29 years ago dominated daily headlines, with extensive coverage in the Los Angeles Times and Orange County Register. The trial had dedicated sections in the newspapers and captured the public’s attention.
The Orange County Register even had a headline titled “Glued to the tube: Viewers judge the O.J. trial” on March 11, 1995, showcasing the widespread interest in the case. Defense attorney Johnnie Cochran’s famous line, “If it doesn’t fit, you must acquit,” became iconic.
Newspapers in 1995 were similar in size to today’s The Epoch Times print edition, filled with advertising content and lengthy sections dedicated to the trial. Additionally, Judge Lance Ito, who presided over the case, gained widespread recognition and even appeared in popular culture.
However, O.J. Simpson was not the only major news story in 1995. The Chapter 9 bankruptcy filing by Orange County in December 1994 also received significant coverage in the Los Angeles Times and Orange County Register. The county’s financial crisis had a profound impact, affecting cities, school districts, and special districts within the region.
The bankruptcy was a major topic in newspapers, with daily updates on the county’s financial situation, legal actions, and its repercussions on various sectors. The county’s bankruptcy also influenced discussions in the Business sections, highlighting its broader economic implications.
The bankruptcy filing prompted debates on accountability, privatization, asset sales, and tax increases, among other issues. The state government intervened in response to the crisis, with political figures and experts weighing in on the situation.
Overall, the Orange County bankruptcy was a significant event that captured public attention and dominated headlines for an extended period, mirroring the impact of historical events like World War II. The bankruptcy filing shocked residents and led to widespread discussions on its causes and consequences.
Numerous news accounts had revealed enough information about the Orange County Investment Pool six months prior to its implosion, so the event should not have come as a surprise. Coverage of the race by The Wall Street Journal and The Bond Buyer did not lead the Board of Supervisors to address concerns about Orange County potentially facing a situation similar to the recently collapsed Silicon Valley Bank. The national media attention during the 1994 campaign was dismissed as vitriol and political rhetoric by Orange County leadership, the investors in Citron’s Investment Pool, and the local media. This reaction was a common human response, but it was a mistake for the Board of Supervisors to ignore the warnings. This disregard for potentially bad news would later be regretted by Board Chair Tom Riley, who admitted that ignoring pessimistic voices was a misstep. The consequences of ignoring these warnings would result in daily headlines for Orange County for months, if not years. The author’s views expressed in the article are their opinions and do not necessarily reflect those of The Epoch Times.
Source link
