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Discussion Starter · #1 ·
"The first yellow-taxi medallions were sold in New York City in 1937 for $10 each. Over the next several decades, the value of those medallions soared until they ultimately peaked at roughly $1.1 million in 2004, generating an annual return that far outpaced equity returns over the same period."

"Since 2013 5,000 taxi drivers have thrown in the towel, and last month Queens-based Melrose Credit Union was seized by state regulators after delinquent cab loans soared tenfold in just 18 months. The stock price of the city's preeminent taxi lender, Medallion Financial Corp., has fallen so far that one share now costs less than a subway ride."

http://www.zerohedge.com/news/2017-...al-mom-and-pop-investors-nycs-green-cab-ponzi

 

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green cab? maybe yellow cabs, green cabs never were worth much. and most yellows were owned by bigwigs who rented them out. Most weren't owned by mom and pop. I mean Friedman owned close to 1000 medallions which he rented out close to 10% of all yellows.
 

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Discussion Starter · #4 ·
green cab? maybe yellow cabs, green cabs never were worth much. and most yellows were owned by bigwigs who rented them out. Most weren't owned by mom and pop. I mean Friedman owned close to 1000 medallions which he rented out close to 10% of all yellows.
Right. The point of the article is that lots of people got scammed. If you click on the link, you'll see a pic of a huge lot with hundreds of them just sitting there.
 

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"The first yellow-taxi medallions were sold in New York City in 1937 for $10 each. Over the next several decades, the value of those medallions soared until they ultimately peaked at roughly $1.1 million in 2004, generating an annual return that far outpaced equity returns over the same period."

"Since 2013 5,000 taxi drivers have thrown in the towel, and last month Queens-based Melrose Credit Union was seized by state regulators after delinquent cab loans soared tenfold in just 18 months. The stock price of the city's preeminent taxi lender, Medallion Financial Corp., has fallen so far that one share now costs less than a subway ride."

http://www.zerohedge.com/news/2017-...al-mom-and-pop-investors-nycs-green-cab-ponzi

Like making bad bets on the horses.
Someone always loses.
Maybe drivers could pay loans if so many investors weren't expecting a cut ?

"The first yellow-taxi medallions were sold in New York City in 1937 for $10 each. Over the next several decades, the value of those medallions soared until they ultimately peaked at roughly $1.1 million in 2004, generating an annual return that far outpaced equity returns over the same period."

"Since 2013 5,000 taxi drivers have thrown in the towel, and last month Queens-based Melrose Credit Union was seized by state regulators after delinquent cab loans soared tenfold in just 18 months. The stock price of the city's preeminent taxi lender, Medallion Financial Corp., has fallen so far that one share now costs less than a subway ride."

http://www.zerohedge.com/news/2017-...al-mom-and-pop-investors-nycs-green-cab-ponzi

Looks like a " Market Adjustment ".
 

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Discussion Starter · #7 ·
the point of the article has almost nothijg to do with uber. it is about the green cab brokers, that the article is alleging were dishonest
Oops!ber's appearance in NYC screwed the investors. Then if that wasn't bad enough the brokers (allegedly) defrauded them too.

Bottom line, do your due diligence, and consult a legal expert.
 
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