Theognis 257-260 (tr. Douglas E. Gerber):
I am a fine, prize–winning horse, but I carry a man who is utterly base, and this causes me the greatest pain. Often I was on the point of breaking the bit, throwing my bad rider, and running off.
ἵππος ἐγὼ καλὴ καὶ ἀεθλίη, ἀλλὰ κάκιστον
ἄνδρα φέρω, καί μοι τοῦτ᾿ ἀνιηρότατον.
πολλάκι δὴ ᾿μέλλησα διαρρήξασα χαλινὸν
φεύγειν ὠσαμένη τὸν κακὸν ἡνίοχον. 260
T. Hudson-Williams,
The Elegies of Theognis and Other Elegies Included in the Theognidean Sylloge (London: G. Bell and Sons, Ltd., 1910), pp. 193-194:
It is, however, just possible that our elegy had a political meaning; then ἵππος would signify a state ruled by а κακός (oг κακοί), cf. 681.
J.M. Edmonds,
Elegy and Iambus, Vol. I (1931; rpt. Cambridge: Harvard University Press, 1961 =
Loeb Classical Library, 258), p. 259, n. 5:
the horse may be a city ruled by a bad man
Dorothea Wender, tr.
Hesiod: Theogony, Works and Days. Theognis: Elegies (London: Penguin Books, ©1973), p. 160, n. 11:
An enigma, or riddle poem, of which Theognis wrote several. One possible solution is that the horse and rider are a city and her tyrant.
I'm not aware of any detailed discussion of this interpretation. It doesn't seem too far-fetched to me. Most scholars think that the lines refer to a woman (e.g. Friedrich Nietzsche,
De Theognide Megarensi § 11: amica nobili genere) or to an actual horse.