As reported by the New York Times an investigation found that “a handful of powerful industry leaders who steadily and artificially drove up the price of taxi medallions, creating a bubble that eventually burst. Over more than a decade, they channeled thousands of drivers into reckless loans and extracted hundreds of millions of dollars before the market collapsed.” It was further reported that these “practices were strikingly similar to those behind the housing market crash that led to the 2008 global economic meltdown: Banks and loosely regulated private lenders wrote risky loans and encouraged frequent refinancing; drivers took on debt they could not afford, under terms they often did not understand. . . . ‘I don’t think I could concoct a more predatory scheme if I tried. . . This was modern-day indentured servitude.’” said a senior instructor at Harvard Law School’s clinic on predatory lending and consumer protection.
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