Crain's New York Business is reporting that there were no bidders at a March 28 auction of 15 foreclosed taxi medallions held by Bay Ridge Federal Credit Union (Brooklyn, NY).
The credit union set the stating price of the each medallion at $200,000, knowing that it would probably not get any bidders.
In recent auctions, taxi medallions sold for approximately $185,000.
Getting no bids, the credit union took possession of the medallions in a so-called credit bid.
The CEO of the credit union stated that it would offer financing to owner-drivers who pay $300,000 to $325,000 for a medallion.
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What dumb butt would finance $300,000 for an item that won't sell for $200,000? Sell em your the NCUA those village idiots will buy just about anything. They even have capital market and interest specialists on the damn payroll to bless and approve these rotten Easter Eggs. The sermon from the mount for Passover: Assessments Blessed By the NCUA
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