Treasurer holds on to control over county investment pool

Orange County Supervisors unanimously voted not to strip county Treasurer-Tax Collector Chriss Street of his control over the county’s $7 billion investment pool, but to reconsider the issue in 30 days.

Several supervisors said they did not see an urgent need to take action today, which would have required a four-fifths majority vote.

Street has come under scrutiny in recent months, both for private lawsuits over a bankruptcy trust he once managed, and alleged irregularities with how a construction contract was bid. The treasurer, who was elected in 2006, is under investigation by federal and county prosecutors, but he has denied any wrongdoing.

Employees of the treasurer’s office told the board they are confident in Street’s leadership and several private-sector investment professionals testified that the county’s investments are healthy.

The motion to take away Street’s control was proposed by Supervisor John Moorlach, a former supporter who appointed Street assistant treasurer and helped him get elected. Moorlach said Street’s many “distractions” due to legal issues may prevent him from being effective as treasurer.

Street reiterated to the board what he has already said to the media, that concerns about his leadership are issues of style rather than substance.

He has denied any wrongdoing.

“I am responsible for the public’s perception of my office and any mistake whether real or perceived is my mistake,” Street said. “These claims are based upon nothing more than speculation and innuendo and should be dismissed as such.”