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Bill Orton

The Democratic nominee
for California's 67th Assembly District


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The Flag

October 11, 2002

The mutual fund lament: 'Where Have All the Earnings Gone?"
Cover of egg piece

     (ORANGE COUNTY, CA.) -- Waving the most recent quarterly earnings report that shows an 18% drop in the value of his mutual fund, state Assembly candidate William R. "Bill" Orton (D-Seal Beach) renewed criticism against his election opponent for "simply failing to see how badly ordinary people are being mauled" by the bear market.

      "My mutual fund is tiny anyway," says Orton, "but it's brutal to get an earnings report showing an 18% drop this quarter and a 27% drop for the year in the overall value of the investment."

      On Monday, the Los Angeles Times reported that Assemblyman Tom Harman (R-Huntington Beach) voted against legislation to conform state tax laws with federal limits on retirement accounts, despite having sent thousands of mailers to his constituents touting the new laws.

      Harman's mailer showed a bird's nest lined with $20 bills on the cover, under the headline, "Your nest egg just got bigger."

      In Monday's "Inside Politics" section, The Times cited the mailer and quoted a spokesperson for Harman who admitted that the Assemblyman did not vote for the bills discussed in the glossy piece. Letter from egg piece

      Harman also voted against reform bills meant to bring about greater corporate accountability and to increase consumer confidence in the capital markets.

      "People are losing their investment money hand over fist and the Assemblyman makes glib jokes about nest eggs," says Orton. "Either he doesn't see how badly people are being hurt or the gentleman just doesn't care enough to vote for the needed auditing and accounting reforms."

      Orton and Harman face each other on November 5th.

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