How New York taxi drivers were conned and bankrupted by medallion loan sharks

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Loan sharks are always a problem. But I can’t help but think the entire medallion scheme the city forces on cabbies may be the bigger culprit.


According to the articles, NYC made nearly $1B in one year selling bubble-priced medallions. The mayor apparently needed the money to help close a budget shortfall.


The NYC medallion racket was rife with sleaze and corruption from end to end, so of course predatory lenders would get in on the action. I don’t have a lot of good things to say about Uber, but I am pleased it exposed this scummy business for what it is (even though it just replaced it with a different kind of exploitation).


I find replacing corruption with more corruption (and even lower wages) to be a poor substitute.

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