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A new TV series from The New York Times, bringing unparalleled journalism to the screen. On and .
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The Weekly retweetede
Maddy Rosenberg 7 t
I hope you’ve all been tuned in for the last 10 minutes on FX for the second-ever episode of . This week: a peek under the hood of what makes the taxi medallion system tick.
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The Weekly 4 t
"Our children, they ask us, ‘Are you okay?’ They are worried about us,” one taxi driver told our reporter for tonight's episode of .
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The Weekly 4 t
“Why had it ever cost a million dollars for a permit to operate a taxi? And why would somebody give a loan to someone for that amount of money? It just didn’t make a lot of sense to me.” , New York Times investigative reporter.
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Brian M. Rosenthal 5 t
Starting now on the West Coast: Our episode on our investigation of the yellow cab industry. Watch on .
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The Weekly 5 t
West Coast, ready to watch on ? In the second episode of our new TV series, our reporters and explain the crisis in the NYC taxi industry and how drivers were steered into reckless loans.
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The Weekly retweetede
Emma G. Fitzsimmons 5 t
Officials in New York City say taxis are the only vehicles that can be hailed on the street. Uber and Lyft are booked through an app. But yes, many taxi drivers say the apps face fewer regulations and they have in effect taken away the right taxi owners paid for.
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Brian M. Rosenthal 5 t
Since we published our investigation into the taxi industry in the newspaper a couple weeks ago, the state Legislature and city council have both said they plan to hold hearings and draft legislation to address this. We'll be following what happens.
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Brian M. Rosenthal 7 t
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Mohammad and his wife and daughter are all getting emotional as we watch the episode. They say it's weird to see themselves on television, but they're glad that people are seeing what they've been going through. "I hope my bank is watching," Mohammad said.
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The Weekly retweetede
Brian M. Rosenthal 6 t
In New York City, nobody is allowed to own a taxi unless they own a medallion. It's the permit that allows drivers to own their own cab (instead of working for a fleet). And it also became a financial asset that could be bought/sold.
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Brian M. Rosenthal 6 t
One of the biggest Qs we've gotten is why don't cabbies just file for bankruptcy. Many have. But many don't want to, because it means abandoning the life savings they put into the medallion (and maybe the life savings of friends, families, etc). It also costs money & ruins credit
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Brian M. Rosenthal 6 t
We talked with dozens of people who worked for lenders in the taxi industry. They said they never expected drivers to repay in 3 years. That was part of their strategy -- they liked that borrowers had to come back to extend the loan, possibly at a higher rate, and with extra fees
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Emma G. Fitzsimmons 6 t
Just spoke to Nicolae Hent, who watched the episode. "It will open the eyes of a lot of people," he says. "I hope the city will wake up and fix what they created." More details about how the people featured in the episode are doing here:
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The Weekly retweetede
Suzanne Hillinger 7 t
Thanks Larry. We always try to treat everyone fairly.
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The Weekly retweetede
Brian M. Rosenthal 7 t
We couldn't mention everybody who has led the taxi industry within the limits of a 30-minute show. Matthew Daus was the chair of for most of the bubble -- longer than Yassky/Joshi combined -- and then worked in the industry. He represented the others, too.
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The Weekly 7 t
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Corey Johnson, New York City Council speaker, says the Council plans to hold hearings on how to help the taxi industry and will appoint members to a new task force.
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The Weekly 7 t
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Richard Feinsilver, a bankruptcy lawyer who represents hundreds of taxi medallion owners, says at least 250 of his clients have filed for bankruptcy.
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The Weekly 7 t
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Nicolae Hent is still driving his cab. He owes about $125,000 on his loan. He stays in touch with the family of his friend Nicanor Ochisor, who died by suicide.
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The Weekly 7 t
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Mohammad Hossain is still driving his cab and struggling to pay the $700,000 left on his loan. His medallion is only worth $150,000, so he’s hopeful the city will help him. "I hope my bank is watching," Mohammad said while watching tonight's episode.
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The Weekly 7 t
Here's what some of the taxi drivers, bankers and officials featured in tonight's episode of are doing now.
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The Weekly retweetede
Brian M. Rosenthal 7 t
Why didn't & stop the medallion bubble? It's hard to say. We found that regulators had concerns, but top officials didn't take action. We found the industry had a lot of connections, and the city made $850M+ off medallion sales. More:
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