General Discussion
In reply to the discussion: NAFTA, TPP, Detroit... Shame On Us All... [View all]Fuddnik
(8,846 posts)Back in the '70s, when Kucinich was Mayor of Cleveland.
Cleveland had a small, city owned electric company, that provided electricity to parts of the city an much cheaper rates than the electric monopoly, CEI. The monopoly tried for several years to force Cleveland to sell its utility, but Kucinich refused.
The President of a major bank back then, Brock Weir, of Cleveland Trust, also sat on CEI's board. Cleveland Trust also owned a substantial stake in city bonds, and Weir delivered Kucinich an ultimatum. Sell Muny Light or the bank would refuse to roll over the city bonds, demand payment in full, and put the city in default. Kucinich told them to stick it up their ass. He wasn't giving in to blackmail.
Cleveland Trust forced the city into default and the talking point of the day was Kucinich bankrupted the city. Not true, but they tried to recall him and failed.