The Weekly – Now on Hulu – How NYC Taxi Drivers Bought Medallions and Became Victims of a Reckless Lending Scheme

Producer/Director Suzanne Hillinger

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How does a New York City taxi driver who makes about $22,000 a year get a loan for almost $1 million? Our reporters investigating the taxi industry for “The Weekly” found that a group of under-regulated industry leaders created a financial bubble in the market for medallions, the permits that let drivers own their own cab. Bankers, brokers, fleet owners and even city officials artificially inflated the prices of medallions and reaped huge profits by steering immigrant drivers into reckless loans.

After The Times first published its investigation in May 2019, various government officials vowed to take action.

Mohammad Hossain, one of the drivers featured in the show, and his family watched the episode with Brian and Suzanne at Times headquarters.

After the episode, Emma called cabby Nicolae Hent, who lost his fellow colleague and friend to suicide last year.

Larry Fisher, a former credit union loan officer who was interviewed in this episode, thanked our producer/director for how we reported this story.

Brian, Emma, and Suzanne give us the latest update on the people you saw on this episode of “The Weekly.”

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