New York Taxi Mogul Seek Bailout, Says He’s Too Big to Fail

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Gene Freidman in his garage in Long Island City in January. He's locked in litigation with Citibank, which is trying to seize many of his medallions.

In the era of more convenient transportation services like Uber and Lyft, the New York City taxi industry is hurting. The price of a medallion once was over $1 million dollars, but is now falling as rapidly as ridership.

Evgeny Freidman, the owner of one of the larger taxi organizations now says he needs a Wall Street style bailout — that he is too big to fail.

Evgeny Freidman, known as Gene, said in an interview Thursday that the taxi industry, like the financial industry, was too big to fail. He would like the city to guarantee taxi medallion loans, which would induce banks to extend more credit to fleet owners like him, and he compares this approach to the federal government’s actions to save large banks and insurers in 2008.

Check out the full article on the New York Times for more info on Freidman and his delusional proposal.

Matt Coneybeare

Matt Coneybeare

Founder, Publisher and Editor-in-Chief

Matt enjoys exploring the City's food scene with his Wife and the outdoors with their three dogs. He is an avid marathon runner, and spends most of his time working from a treadmill desk at home.

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