The New York State Attorney General's Office announced on May 20th that it is beginning an inquiry into the lending and business practices that led to the taxi medallion crisis in New York City.
This inquiry comes after a two-part investigative report appearing in the New York Times. I reported on this earlier today.
The Attorney General's Office stated that the allegations in the New York Times story "are serious and must be thoroughly scrutinized."
if there is a true investigation, then the only outcome that makes sense is:
ReplyDeleteNCUA is folded up.
NY State regulator is drawn and quartered.
DiBlasio is not re-elected and sued.
Taxi and Limo commission is overhauled.
Kaufman, the Melrose CEO/Crook is jailed and loses every dime which is given to taxi drivers.
every taxi loan is forgiven down to fair market value of a medallion.
the brokers, lenders, auditors and taxi kings pay for the write down of the loans.
THEN, the investigation should move its attention to Municipal Credit Union where the board, managers, auditor and regulators (again)should be dealt with.
how does an auditor and regulator survive such malfeasance?
in California, how does the manager of a $20M asset cu steal $40M?
how is that possible?