Word: cleveland
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
When the city needed to refinance $15 million in debt last December he offered the leading bank, Cleveland Trust, full collateral in the form of income taxes and city property, and a private investor agreed to underwrite the city's debt. The bank turned down these offers. Kucinich charges that at a private meeting he likens to a "street mugging," the chairman of Cleveland Trust made extension of credit conditional on the sale of the city-owned electric company to its private competitor. According to the mayor, the proposed sale called for the private company to pay the city about...
...private power company, Cleveland Electric Illuminating (CEI), has as many reasons to buy Municipal Light (Muny) as the city has to hold on to it. (Muny made a profit of more than $200,000 last year while charging customers seven per cent less than CEI. CEI resents this competition and has long tried to strangle the city's company. In 1977, the Nuclear Regulatory Commission found CEI had violated the antitrust laws, and it ordered CEI to take 10 corrective measures, including transmitting cheaper power to Muny. The city is now pressing a $327 million antitrust suit against CEI which...
...INTERESTS in Muny Light are clear; the next question is why Cleveland Trust backs them. Cleveland Trust controls 2.2 per cent of outstanding CEI common shares, registers CEI stocks, lends it large sums of money, manages a $70 million CEI pension fund and four bank accounts, and even has an interest in the utility's building. Cleveland Trust directors serve on CEI's 11-member board...
...chairman of Cleveland Trust, Brock Weir, denies the mayor's account of their meeting. But minutes of a Cleveland Trust meeting the same day also suggest the sale of Muny Light was a condition for renewing the city's notes. At a hearing held by a House Banking Subcommittee, Weir conceded Cleveland Trust's lending policies toward the city under Kucinich differed from those applied under his predecessor, Perk. Weir attributed the difference to Kucinich's rudeness; in particular, he mentioned the mayor's public characterization of him as a "blood-sucking vampire...
...nonpartisan mayoral primary, Kucinich polled only 15.3 per cent of the black vote compared to 25.3 per cent for Republican Lieutenant Governor George V. Voinovich. Still, Kucinich delivers speeches in the black ghetto to tumultuous applause and former mayor Carl Stokes has strongly endorsed him, telling the Cleveland Plain Dealer: "I understand that in a diverse city in which racial politics has been the order of the day, that, if a man is going to survive, he has to do what everyone who has survived has done, including me...Kucinich has a record that deserves his re-election...