The Medallion Millionaire Heist: Behind the curtain of the Big Taxi cab racket

Screen capture of Boston Globe‘s Excellent investigation into the problems with Boston’s $1B Taxi industry. A MUST READ.

I wanted to understand a bit more about Taxis and the medallion system. Boston Globe has one of the best pieces of investigative journalism that I have seen. Please take the time out to read it.

Driven to the Edge :

The Globe Spotlight Team spent nine months examining Boston’s $1 billion taxi industry.

My jaw dropped when I read how the Medallion system works in Boston.I have no reason to think it is different for the other large cities in the US.

The owner of Boston Cab – Edward Tutunjian- owns  20% of the 1825 medallions. Boston cab, then leases each cab out on a daily basis where it costs that driver, $120 per day. It is up to that driver to make over $120 or take a loss. The owner of the Medallion gets a steady stream of income regardless and doesn’t even drive the cab.

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