Bailout Up to $500 Million Proposed for Taxi Drivers Trapped in Loans

In May we talked about the New York Times' two part expose on the con thoughts of immigrant workers were caught in.

Trapped in reckless loans made by bankers making huge profits, this is a well researched and devastating story with an unfortunately recurring theme: all too often those taken the most advantage of are the less fortunate, those most in need, new to the country and thus different, lacking in English proficiency, searching for their version of the American dream.

Now, in the most far-reaching step taken in response to the Times investigation, a panel appointed by the New York City mayor "intends to propose a bailout for thousands of taxi drivers trapped in exploitative loans that could cost as much as $500 million". While the proposal is still in process and nothing has been finalized, I hope some configuration of a proposed public-private partnership manages to find a solution.


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