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The New York City Taxi Driver Bankruptcy Crisis

When someone thinks about New York City, taxi cabs are often part of the mental image. What most people do not realize is that drivers and/or taxi operators must purchase the right to drive in NYC.  A “taxi medallion” is often purchased by investors or the drivers themselves.  These medallions are treated similarly to a stock.  The value goes up and down, but the market is much less regulated.  Over the last 20 years, drivers have been duped into terrible loans required to purchase their medallion and bankruptcies are on the rise.