posted on Dec, 2 2011 @ 01:02 PM
reply to post by muzzleflash
Yeah that was back when CEI was doing everything it could to put Muny Light (short for Municipal Light) out of business, and the banker-backers of CEI
demanded it be sold to CEI so they could shutter it and steal their customers and go on to become the only power company operating with a monopoly in
that area. Kucinich refused to cave in to their demands so they yanked all their bond notes and plunged the city into default - even though the city
was making those payments and those bonds weren't due.
CEI was responsible for numerous violations of federal antitrust law in its attempt to put Muny Light out of business. The Atomic Safety and
Licensing Board of the Nuclear Regulatory Commission determined that CEI blocked Muny Light from making repairs to its generator by lobbying the city
council to place restrictive conditions on Muny Light bonds. Because of the delay in repairs, Muny Light had to purchase power. CEI then worked behind
the scenes to block Muny Light from purchasing power from other power companies. CEI became the only power company Muny Light could buy from. At that
point, CEI began price gouging—sharply increasing (even tripling) the cost of power to Muny Light. As a result, Muny Light began to lose money. CEI
went to court to demand that Muny pay $14 million in damages for power it had purchased. Former mayor Ralph Perk had intended to pay that light bill
by selling the light system, simultaneously disposing of a $328 million antitrust suit the city had filed against CEI.
The Kucinich administration not only stopped the sale, but also kept the lawsuit alive. CEI went to a United States federal court to get an order
attaching city equipment. Kucinich moved quickly to pay the bill by cutting city spending. However, Ohio's largest bank, Cleveland Trust (now part of
Key Bank), told Kucinich that they would not renew the city's credit on $15 million of loans taken out by the previous administration unless Kucinich
would agree to sell. The Council sided with the banks and pressured the mayor to make the sale, but Kucinich's answer was still "No."
Instead, he proposed saving money by laying off 600 employees, including 400 police officers and firefighters, and proposed a $50 million bond issue
to pay the Muny debt to CEI. He even agreed to seek an increase in the city income tax, something he had steadfastly refused in the past.
Council was still adamant. George L. Forbes stated that he "spoke to the chairman of Cleveland Trust and he indicated he could go with the sale of
the Municipal Light Plant."
As the week dragged on, the mayor appeared on Good Morning America and repeated his vow not to sell. Three of the six banks that held Cleveland's $14
million in notes presented the notes for redemption at the office of the city treasurer at Cleveland City Hall. They stated that they were willing to
listen if the city developed "a financial plan satisfactory to all parties involved." Meanwhile, news reporters from around the nation flocked to
Cleveland to watch as the situation intensified.
On December 14 at 11 p.m. (EST), Council met to consider a resolution that only gave Kucinich but one alternative: sell Muni Light or claim
From Wiki Mayoralty of Dennis Kucinich
Cleveland's history is rife with Mob activity - La Cosa Nostra AND the Cleveland Trust Bank. As bad as the Italian mob might be, they are small
timers compared to the cabal of bankers operating in this country.
Back when Kucinich defied the Cleveland Trust over the sale of Muny Light it was revealed Cleveland Trust and CEI were so joined at the hip they were
practically one and the same.
The Plain Dealer later revealed that Cleveland Trust and CEI had seven interlocking directors, making Trust CEI's bank. Together with another
bank, Cleveland Trust owned a substantial share of CEI stock and had numerous other mutual interests.
Interlocking directors? Does that remind you of anything else? Like say, the Federal Reserve and Goldman Sachs perhaps?
When CEI couldn't get it's way on Muny, they simply used a mob tactic on the mayor - "Sell us Muny or we send Knuckles around to break your knee
caps." (and by breaking knee caps = pulling their bonds)
A lot of people might not like Kucinich for his support of unions or environmental causes or - god forbid - peace - but he's always fought for the
little guy, the regular working Joe's. Ron Paul is much more libertarian than Kucinich, but they both find common ground when it comes to the Fed and
the Big Banks, they both are fighting them and they both are getting sidelined by mainstream media for it. They both see the incestuous nature between
the Big Banks, Wall Street and Government/Federal Reserve and have fought it.