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He was elected as the nation's youngest mayor (of Cleveland) in 1977, and was known mostly for scrapping with established politicians, banks and just about everybody else. After he fired his police chief -- live, on the 6 O'Clock news -- he was so unpopular that he wore a bulletproof vest when he threw out the first pitch at an Indian's game.
NEW YORK - Merrill Lynch & Co., Goldman Sachs Group Inc. , and Bank of America Corp. were among 21 banks and mortgage companies sued by the city of Cleveland for their alleged roles in the city's deepening housing crisis.
the banks created a foreclosure crisis by being purveyors of subprime mortgages, leaving the city to "clean up the resulting mess," sustaining hundreds of millions of dollars in damages.
|image1|Who financed the subprime boom in Cleveland and across the country? Wall Street, according to a lawsuit filed against 21 big banks by the city of Cleveland in Ohio state court last week. How much did these firms cost the city? If Cleveland Mayor Frank Jackson has anything to do with it, Wall Street will pay.
City of Cleveland tries a new tactic against predatory lenders: wants the court to treat them like drug peddlers on the street, taking advantage of naive customers.
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