Vindication that the city knew and capitalized on the taxi drivers. NOW they want money to bail it out – double tax dip on all of us – and they want us to pay for a BID?

Vote NO to the 3rd ave BID TAX!

AG accuses city of taxi-medallion fraud, seeks $810M for drivers

State Attorney General Letitia James says the city fraudulently inflated the value of yellow-cab medallions before they crashed. The attorney general on Thursday formally informed city officials, including the Taxi and Limousine Commission, that she plans to sue for fraud and will seek $810 million to compensate drivers who borrowed money to purchase them. [Crain’s New York Business]   Also: A massive deal will make a private equity firm that specializes in distressed assets the city’s largest holder of taxi-medallion loans. [Crain’s New York Business]