http://www.counterpunch.org/dong08232003.htmlDennis J. Kucinich first made his name in politics by becoming the youngest mayor of a large city, when in 1977 he became the mayor of Cleveland, Ohio at age 31. He took over a city that was deeply in debt but, as these things tend to go, was soon blamed for the city's financial crises. The city tried to negotiate the renewal of $14 million worth of notes held in local banks. A rollover, it's called, and it's usual for banks to agree. Not this time.
The banks had a get-rich-quick scheme up their sleeve. They wanted Mayor Kucinich to sell the city's electric company, MUNY Light, to Cleveland Electric Illuminating Company whose parent company nowadays is, you guessed it, First Energy. Why did these bankers want that? Well, of the eleven directors of Cleveland Electric Illuminating Company, eight were also directors of four of the banks. And five of the banks held almost 1.8 million shares of CEI stock.
So the banks pushed the city into default and Kucinich lost his next re-election bid because of First Energy's greed. Oh, yes, greed. Because in the 1990s, the people of Cleveland woke up to the fact that Dennis Kucinich had saved them all a ton of money. In 1998, the Cleveland City Council honored him for "having the courage and foresight to refuse to sell the city's municipal electric system," saying he had saved Clevelanders more than 300 million -- that 300 million that they would have paid to CEI if Kucinich had caved in. But he didn't. That doesn't seem to be his style.