ATLANTA -- The treasurer of Greenwood County, S.C., resigned Sunday following paper losses to an $8.4 million trust fund that had slashed its value by about 40% in the past year.

S. Reel Robertson stepped down after the county council learned last week that the fund had made heavy bets in collateralized mortgage obligations and other derivatives, contributing to unrealized losses of about $3 million in fiscal 1994, according to County Manager Robert Haynie.

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