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Cleveland Public Power
Cleveland Public Power (also known as CPP) is a publicly owned electricity generation and distribution company in Cleveland, Ohio. It was founded in 1907 by then-Cleveland mayor Tom L. Johnson. Prior to 1983, it was known as Municipal Light (or "Muny Light" for short). CPP does not have sufficient capacity to compete across the entire Greater Cleveland area. Rather, it is intended to create additional capacity and to create a benchmark price in order to prevent price gouging by local private utilities. In December 1978, Mayor Dennis Kucinich refused to sell the company when a number of banks, which were heavily invested in Muny Light's largest privately owned competitor, the Cleveland Electric Illuminating Company (better known as CEI or The Illuminating Company) refused to roll over the city's debt, as had previously been customary. This was seen as a bad move at the time; unable to pay its debts, the city became the first since the Great Depression to enter default, which cos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electric Utility
An electric utility is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution of electricity for sale generally in a regulated market. The electrical utility industry is a major provider of energy in most countries. Electric utilities include investor owned, publicly owned, cooperatives, and nationalized entities. They may be engaged in all or only some aspects of the industry. Electricity markets are also considered electric utilities—these entities buy and sell electricity, acting as brokers, but usually do not own or operate generation, transmission, or distribution facilities. Utilities are regulated by local and national authorities. Electric utilities are facing increasing demandsBy Candace Lombardi, CNET. âUtilities: Green tech good for planet, bad for business” February 23, 2010. including aging infrastructure, reliability, and regulation. In 2009, the French company EDF was the world's largest prod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Based In Cleveland
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is generating profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. Meanings and definitions A company can be defined as an "artificial per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mayoralty Of Dennis Kucinich
The mayoralty of Dennis Kucinich lasted from November 14, 1977 to November 6, 1979, while he served as the 53rd Mayor of Cleveland, Ohio. The Kucinich administration is often regarded as one of the most tumultuous in Cleveland's history. The mayor relied heavily on confrontation politics, a style that "alienated business and civic leaders, the news media, and, ultimately, even those neighborhood groups that had been his chief supporters." His supporters, however, assert that Kucinich "championed the public good over private-sector rights and pointed to inequities that result when business-centered economic growth (like corporate collusion and tax abatements) is prioritized over neighborhoods. He stood steadfastly for public ownership of utilities in Cleveland." Tenure 1977 election Under Republican Mayor Ralph Perk, Cleveland's mayoral elections had become nonpartisan. Initially, Kucinich, a Democrat, supported Perk. However, he started to criticize Perk, eventually broke off wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. The biggest private default in history is Lehman Brothers, with over $600 billion when it filed for bankruptcy in 2008. The biggest sovereign default is Greece, with $138 billion in March 2012. Distinction from insolvency, illiquidity and bankruptcy The term "default" should be distinguished from the terms "insolvency", illiquidity and " bankruptcy": * Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. * Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. * Insolvency: A legal term meaning debtors are unable to pay their debts. * Bankruptcy: A legal finding tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cleveland Electric Illuminating Company
FirstEnergy Corp is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison acquired Centerior Energy in 1997. Its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity, as well as energy management and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. Its generation subsidiaries control more than 16,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue. In November 2016, FirstEnergy made the decision to exit the competitive power business, and become a fully regulated company. On July 21, 2020, Speaker of the Ohio House of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dennis Kucinich
Dennis John Kucinich (; born October 8, 1946) is an American politician. A U.S. Representative from Ohio from 1997 to 2013, he was also a candidate for the Democratic nomination for president of the United States in 2004 and 2008. He ran for governor of Ohio in the 2018 election, losing in the primary to Richard Cordray. From 1977 to 1979, Kucinich served as the 53rd mayor of Cleveland, a tumultuous term in which he survived a recall election and was successful in a battle against selling the municipal electric utility before being defeated for reelection by George Voinovich. Due to redistricting following the 2010 state elections, Ohio's 10th congressional district was redrawn in southern Ohio. Kucinich faced Representative Marcy Kaptur in the 2012 race for the U.S. House, Ohio's 9th congressional district having absorbed part of Cuyahoga County. Kaptur defeated Kucinich. In January 2013, he became a contributor on the Fox News Channel appearing on programs such as ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cleveland, Ohio
Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. maritime border with Canada, northeast of Cincinnati, northeast of Columbus, and approximately west of Pennsylvania. The largest city on Lake Erie and one of the major cities of the Great Lakes region, Cleveland ranks as the 54th-largest city in the U.S. with a 2020 population of 372,624. The city anchors both the Greater Cleveland metropolitan statistical area (MSA) and the larger Cleveland–Akron–Canton combined statistical area (CSA). The CSA is the most populous in Ohio and the 17th largest in the country, with a population of 3.63 million in 2020, while the MSA ranks as 34th largest at 2.09 million. Cleveland was founded in 1796 near the mouth of the Cuyahoga River by General Moses Cleaveland, after whom the city was named ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Gouging
Price gouging is a pejorative term used to describe the situation when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair. Usually, this event occurs after a demand or supply shock. This term is commonly used to describe price increases of basic necessities after natural disasters. In legal usage, price gouging is the name of a crime that applies in some jurisdictions of the United States during civil emergencies. In less precise usage, the term can also be used to refer to profits obtained by practices inconsistent with a competitive free market, or to windfall profits. Price gouging is considered by some to be exploitative and unethical. The term is similar to profiteering but can be distinguished by being short-term and localized and by being restricted to essentials such as food, clothing, shelter, medicine, and equipment needed to preserve life and property. In jurisdictions where there is no such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greater Cleveland
The Cleveland metropolitan area, or Greater Cleveland as it is more commonly known, is the metropolitan area surrounding the city of Cleveland in Northeast Ohio, United States. According to the 2020 United States Census results, the five-county Cleveland–Elyria Metropolitan Statistical Area (MSA) consists of Cuyahoga County, Geauga County, Lake County, Lorain County, and Medina County, and has a population of 2,088,251, making it the 34th most populous metropolitan area in the United States, and the third largest metropolitan area in Ohio. The metro area is also part of the larger Cleveland–Akron–Canton Combined Statistical Area with a population of over 3.6 million people, the most populous statistical area in Ohio and the 17th most populous in the United States. Northeast Ohio refers to a similar but substantially larger region that is home to over 4.5 million residents that also includes areas not part of Greater Cleveland. This article covers the area considered t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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