The Fall of New York City's Taxi King

Evgeny "Gene" Freidman is known as the Taxi King. He is the largest medallion operator in the country, but has recently run into trouble from shrinking medallion values and ridesharing services like Uber eating into his business. (Video by Drew Beebe, Victoria Blackburne-Daniell) (Source: Bloomberg)
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[@brianyun249]

He's whining that the competition is shredding him to pieces.

[@skeetrix5577]

not anymore. he just pleaded guilty to fraud and had to auction off all his medallions. bye bye king lol

[@0fficialdregs]

@@skeetrix5577 and uber founder is in similar situation as well

[@Solrac1424]

Bloomberg hated this guy...

[@theblackboyjoe]

The medallion business is fantastically corrupt

[@righteousrick730]

Thanks liberal bureaucrats.

[@fermainjackson2899]

theblackboyjoe that's right. As a result, Uber and other similar companies showed up

[@thomasjung6660]

And Ubers not.

[@deeb.154]

i don't really feel bad for them. i've had horrible experiences in maybe 75% of the taxis i've rode in including 2 taxi drivers stealing from me. gotta work on customer service.

[@menopassini9348]

He is Cryimg because his Monopoly is over. They lease the cabs out to drivers at high rates. The drivers then become independent contractors no over time and no benifits. They make money even if the driver doesn't. $150.00 per week just for the insurance. Drivers work 60 hrs. Per week for $40.,000 per yr. 60% percent of the 13,000 medallions in N.Y. are owned by investors. It's the person who took their life's saving as a down payment and bought a Medallion at high interest rate that are the real Losers in this situation.

[@u235u235u235]

many of those driver-owners took stupid loans against their medallions as the market value of the medallion went up to buy expensive homes and cars. they were really bad investors. even guys who bought their medallions for 100k, and paid them off would borrow huge sums from banks against their 1 million dollar medallions. really really dumb guys. many many did this. few really lost everything.

[@TSAVVVV]

Thats what you get. Charging that much to be a taxi driver is criminal.

[@thomasjung6660]

Isn't that the same as charging a lot to rent a rundown apartment.

[@08fORSA]

His garage charged drivers illegal fees many years made sweet deal with tlc and attorney general office. charged maximum rent fees to driver many years

[@ad8881]

they're simply obsolete like the VHS tapes.

[@patrickm5217]

what am I supposed to do with all these blockbuster tapes

[@Adultballetla]

I lived in NYC during the 80's. The yellow cab drivers treated me like crap. Wouldn't stop for me - we don't drive there. No Uber driver has ever not picked me up because I was African American - BIH! I bet they'll pick anyone up now!

[@latinboy2011]

AdultBalletLA of course its only business , racial profiling has changed since 1980 and now

[@bluechip17]

@Mushroomstamp those drivers must be former Yellow Cab drivers who helped ruin their industry. You reap what you sow.

[@austinrobbins7343]

Lmao because it shortens their life spand

[@cachitocanete9000]

Jajajaja😂😂😂😂😂

[@raven2114]

Boo-Hoo, I The Yellow Taxi Owners Can't Ripp Off Customers No More 💸💸💸😂

[@workingcountry1776]

Raven 21 more like. Boo hoo people can no longer make a decent living driving a taxi any more because scabs work for well under minimum wage driving for uber

[@howardhhz]

That's because the job of driving a taxi is supper substitutable since everyone can drive his passenger from point A to B. There's no point paying a taxi driver more than the minimum wage if you look at it this way.

[@jasonatkins6111]

Yup - I support UBER 100%. These fuckers get whats coming to them. Hope all of them go out of business.

[@amiller6489]

Jason Atkins you work for Uber.

[@MrZarewna]

@@howardhhz You can't really think it that way. At least here in Finland, you have to have a license to drive a taxi. Sure, this year law changed so it's a lot easier nowadays to get a license than back when I got my license. You are in charge of those peoples lives. If something happens, it's in your hands. I don't think anyone can do it. Also, I think knowledge of the city is very important. Driving with GPS may give many minutes extra to the drive and also you may find roads to be closed etc which complicates it. A taxi driver knows what road is closed and when. It's customer-friendly to know the city like your own pocket. Never underestimate taxi driving as a career. It is a highly important job.

[@tariqtariqtariq88]

He's delusional... the taxi industry is dead, 1.3 million for a cab when you can spend 7,000 for a car and work as an uber driver? Or pay 40 cab ride when you can take an uber for 20 and not go the longest way possible

[@StoicContrarian]

He’s in denial of the demise. He’s sweating 😓 💦

[@lacitysun]

Uber didn't put taxis out of business. The taxi industry failed to innovate.

[@patrickm5217]

Its not even that, 8/10 cab rides were just a bad experience in every way. unclean car, drivers with bad english, stressful rollercoaster ride driving while watching the meter rate climbing like crazy...

[@Beltidame]

Why not lower the prices and join the competition ??? I remember when yellow cabs were selective of whom they picked up or how far they would go.

[@scotness]

When you have yellow cab drivers who refuse to drive outside of the city they lose my business

[@mrdigital30000]

He got caught up when the bank called his note. Don't blame uber. You saw uber coming, and decided to expand.

[@sandrogiambalvo5658]

when Government and Capitalism marries that always leads to one thing.. Modern Slavery. $800.000 just as an entry fee to own a cab in NYC . give me a break!!

[@racerx3866]

Alex Grimal Not capitalism but GREED ! capitalism works but greed ruins everything.

[@reecedrystek2992]

@Racer X If you listen to Milton Freidman, he makes the premise that Capitalism requires greed. It is when greedy people are fighting over limited resources, they naturally develop ways to get more of those same resources.

[@profilename1987]

Alex Grimal yup

[@leonelhernandez220]

Uber is capitalism which is fair... he just said that Taxis are the ones regulated by government.

[@surveyordave]

the mentality is "i know you are going to make money, and i want a big piece of it". it's the same with commercial property. it's 10X higher than residential because ownership can result in a profit.

[@imluvinyourmum]

The Taxi King has a snow globe giving you the middle finger inside... The irony is hilarious XD

[@asafox6550]

I have a buddy who used to drive yellow. He sold his medallion at $1 million after we all told him to because (as a tech guy) my friends and I saw the disruptive power of Uber.

[@youngbloodnba]

You the real mvp

[@jpogigtxcr1778]

Give us more detail on the story, how you guys said whew!

[@TheDragonHouse]

Real one 💯

[@oluwoleodetola1626]

How is the guy now?

[@Fairman25]

When the small piece of metal that allows you to operate a business costs more than 10x the car it is attached to, there is a major problem with the system.

[@dadasha]

FOH!

[@majormana1]

Uber's cheaper and it's like getting ride from friend and giving them gas money and not same as waving down a taxi and in certain areas taxi's don't run and if do charge you you a lot.

[@gteixeira]

If a medallion costs 850k USD as a low price, they should drive people around in a Rolls Royce, at very least.

[@Bulls3ye86]

In 2021 they dipped all the way to below 80k each! They've since stabilized at around 100k, but this guys once Billion Dollars worth of Medallions now sits at a few Million.

[@gteixeira]

@@Bulls3ye86 That still is too expensive, it is about the money to buy a Tesla Model S. Like that taxi drivers have little left to buy a nice car to drive people around or to invest on themselves, like learning foreign languages, to improve service. All their investment goes on taxes and little goes on service.

[@reecedrystek2992]

I love that the guy went on his rant about how the regulations are there for the customer, and nobody knows what is better for his customers, drivers, regulators than him. Only he forgot one, the actual customer.

[@frankieunderwood4336]

So good to see taxi industry falls this hard & soon.

[@kentan9475]

Frankie Underwood

[@normieslayer1169]

Why though.

[@jakcarn4184]

Frankie Underwood it's a global issue

[@chownful]

He's an "honorary Millennial" (whatever the fuck that means) and he's dressing hipper and cooler - what an innovative plan to save his failing business(es)!

[@stash.]

One word, Denial...

[@MrRapparicio]

Sorry for the cab drivers but together with taxi companies bosses they were the ones who lost the market with the majority of them with bad attitude, cleanliness of their cars and lack of customer service.

[@bknghiem]

The guy is too greedy for his own good. Should have sold his medallions when it hit $1 million dollars and sell them off when Uber hit town. Instead of expanding his fleet. Now he broke and file for chapter 11 and in jail.. LOL

[@eddiew2325]

bknghiem hey Burger King

[@eddiew2325]

RavenTheShaman888 not really he’s in Cancun

[@Pernection]

bknghiem Uber is greedy

[@murrayflewelling1258]

@@Pernection Uber is greedy? Yeah that explains why they rolled in and crushed a predatory system with low costs and better service. There is countless videos of people asking who is better, and people react like Yellow Taxi was the death star ..lol

[@r6685]

Right

[@thetonyjr17]

This is capitalism at its finest.

[@sean10474]

thetonyjr17 capitalism until your business and livelihood goes under

[@elizbararchvadze7619]

How this is capitalism? They had 10k medallions and monopoly created by government. This is totally opposite of what capitalism is.

[@diegopineda1699]

They should just make a "Yellow Cap" App an have people order a taxi an either pay cash or credit

[@emjay395]

They do, but the service Yellow Cab Taxi's provide is subpar. Anyone that has ever had an experience with them can give stories about the horrible service and high prices. Lyft and Uber have superior products, and what we are seeing is the market dictating what it values. This is bad for the individuals who shelled out so much money for these medallions, but it is great for the consumer.

[@eddiew2325]

Diego pineda yellow cabs charge by the meter. It’s not a fixed rate based on distance

[@imluvinyourmum]

They tried fixed rates in Australia like Uber, it failed so they went back to ripping ppl off on the meter. I remember sitting in cabs watching that meter speed around.

[@iamjonathanng6657]

Why can’t they use Mercedes Benz E classes as taxis like we do in Europe?

[@checkerslane]

This documentary was done in 2015. They say the medallions are worth 800k. Its now 2018 those medallions are worth about 250k

[@oscarm.1417]

Reading your comment 2 years later; now they're worth $75K.

[@checkerslane]

@@oscarm.1417 very sobering

[@ChamiraIR]

Taxi drivers probably had their heyday when there was real value for remembering roads and getting from point A to B in a big city was a real skill. The smartphone made that obsolete.. Uber and Lyft capitalized on that.. no body to blame here... this change perfectly normal.

[@william_8844]

2:20 he claims to know whats better for his customers than anyone else 🤣🤣 . . . . . Newsflash, customers know what's right for them they don't need you. Poor guy 🤦‍♂️

[@666hellz]

Every time I've been in a taxi there expensive, dirty, they drive crazy, there driving people A to B there not a race car driver

[@patrickm5217]

too bad when you call cab for a pickup its always 30-60 min late

[@mikewilson9236]

At 2:02 He's the person that write the regulations,that's what he's not telling you ,it's the taxi medallion owners that made all the regulation to insulate themselves from competition and charge you 3 times,more than uber

[@After4th]

Kept from operating in Japan. You can still get a city cab using the Uber app when the local app is not foreign tourist friendly.

[@Pasan34]

Why can a license to operate issued by city be buyable by another private citizen? If you no longer wish to drive, then shouldn't the city just expire it and give it to another new driver at whatever government license fee is?

[@stevenwoods8317]

Either yellow cabs and uber should both be regulated or neither should be.

[@dannygalvez2596]

what's the name of the piano song at the beginning? nice video btw!!

[@kommie27]

As of 2017, Cohen was estimated to own at least 34 taxi medallions through 17 limited liability companies (LLCs).[12] Until April 2017, "taxi king" Evgeny Freidman managed the medallions still held by Cohen; this arrangement ended after the city's Taxi and Limousine Commission decided not to renew Freidman's licenses.[12] Between April and June 2017, the New York State Department of Taxation and Finance filed seven tax warrants against Cohen and his wife for $37,434 in unpaid taxi taxes due to the MTA.[13] At the time, Cohen was business partners in the taxi business with Simon Garber Garber has claimed to be the holder of the most New York medallions, with over 400 to his name, though the state's Attorney General office has stated that he only controls 275.[8][9] In 1992, Garber became friends with Russian politician Vladimir Slutsker while on vacation in Monaco. Vladimir Slutsker is a Russian businessman and former senator who represented Chuvash Republic in the Russian parliament.[2][3] Sloutsker is the co-founder and President of the Israeli Jewish Congress.[4]

[@jarvusblue76]

If they treated their customers descent, they wouldn't be in this problem. The old way is dead. People are moving forward.

[@khurramw1isstillhere]

Coke addict !!

[@omegaman6616]

adapt or die. that's one thing I don't get. why doesn't Uber have to follow taxicab regulations? Its obviously a cab service.

[@majormana1]

Because it's not cab service it's ride share.there is no hailing for cab. You tell app that tells driver where to pick you up and where to drop you off. It's like calling friend and giving them gas money without hassle of friends schedule

[@bluestripetiger]

Not shedding any tears over this guy. The reason taxi industry went down is it treated passengers and drivers horribly so leeches like this guy could grow fat. Taxi industry screwed itself over.

[@thatrandomchannel8589]

As much as it cost for a medallion how can NYC let this fly with all the regulation on Bussiness.

[@myopinionmatters]

Honorary millennial, this guy is so stumped by Uber, he’s trying to be 10 years younger

[@imluvinyourmum]

He dresses so 'trendy and hip' though with that vest XD

[@davidjames3289]

Doesn't the city regulate the amount that a cab charges ? Why blame the owners ?

[@nathanielcarreon5634]

Nothing lasts forever.

[@jamesb8305]

$1.3 million for a taxi license? Medical school is cheaper...

[@waynes9275]

medalion, what a joke

[@fermainjackson2899]

It's extremely expensive to get a medallion to work as a taxi. No wonder why Uber, Lyft.... Etc have been successful

[@patrickm5217]

its better service at half price, why pay for for someone who will often try to rip you off

[@dacman53265]

Uber and lyft have broken the uk taxi industry as well. The price has made us uncompetitive. We are over regulated. The scabs can undercut. In the end the public are going to use what's the cheapest not what's the safest. Our cabs cost £42,000. There cars £20,000. We have to do a 3 year knowledge of London. 25.000 roads,clubs and restaurants. The uber driver just needs a license to drive a car. It's wrong. Who's going to spend 3 years of knowledge knowing they won't be earning a living at the end of it. R.I.P

[@311Hanel]

In 2017 went to a yellow cab garage and they wanted $1500 per week to drive a cab, I financed a car $480 a month and went to TLC to registered to drive uber, it worked out better... eventually these leasing companies will run themselves to the ground, they don't think of riders and drivers

[@dynamicsolution8166]

But uber and lift are not for profit industries....how long can they servive losing money?

[@tedjrsalsa9488]

How much is a medallion in 2023 ? I miss those days , back in the late 70's to early 1990's

[@realmccoy405]

Ok operator! You don't know squats! You let driver operate without impunity action from their racist action of refusing too take my business, to pick me up, even when I'm in a three piece suit! And when I call your company to put in a complaint about any of your drivers you yourself go on a racist rant and defend any driver! And it's all over and your done!

[@johnsradios484]

Uber is corporate America at its best. Drivers make minimum barely living and the CEO will make all the profits . The little guy is getting screwed

[@infiltr80r]

Do you think this "taxi king" makes peanuts? So Uber board should make very little money despite monitoring a *global* network of drivers and riders? Nice logic buddy. Uber driver should make less than the other employees as well because programming and IT network design is much harder than driving a car around.

[@tech9auto223]

At a million USD for a taxl license how many years would you have to drive before you made a penny in profit ? Its disgusting

[@VictorMartinez-zf6dt]

Uber is still better... so.. Uber will win. Shut up.

[@jabigup7361]

my brother my sister my mom and my dad or me ever took a Yellow Cab and we live in Brooklyn

[@Xantank]

Went too big. At least he isn't bitter about the situation. Seems like he will make his way out

[@1ManInASuit]

LOL- Im buying ($10 per) medallions that are numbered 0001 - 0010 so that in a hundred years they'll be worth a million as a historical item - all good things come to a end.- electronics aren't they great- :-)

[@MrLips635]

Now medallions are about $80k.

[@ShawnDeLaCruz]

If this guy knew as much as he claims about the consumer, he wouldn't be going out of business.

[@droze1]

your not a manhattan driver unless ur car has a streak of yellow on it😂😂😂😂😂

[@dfr3h6t]

Who stole my cheese

[@portalplayer]

this guy is so gangster.

[@TheBoomerPlace]

The rules were for taxi companies....not ride sharing. This is America, the land of opportunity. The big taxi companies got caught with their greedy monopolizing pants down and want to cry "foul" on the right to form a competing enterprise. No longer can they charge what the want, have lousy service and dominate the market. They need to simply have their own app, lower prices ( aww the multimillion high exec salaries may have to be cut) and offer more effective service. Stop complaining😡😡😡

[@MrRapparicio]

Medallion gang is to blame.... for years this outdated mafia system killed the taxi industry... add to the wound the bad mood and dirt service offered by the cab drivers and owners....welcome to the future

[@quangb9080]

Wow, he's 44! He looked a lot older but I'm sure being successful had a lot to do with that!

[@ndn2589]

How can they not regulate this to uber

[@flapsnakes]

Poor baby...times change.

[@sim61642]

Uber: Taxi ! just the guy i was looking for ! (Draws bulls eye on back) -looks like you dropped your badge ! (touches nose) - Your such a goofball mcfl.. i mean taxi , now, begone.

[@glennwatson3313]

This makes me so happy

[@kingslaughter6362]

Yellow Cabs are not ripping anybody off your riding in luxury if you want to pay a small fee ride the bus you bum

[@PoliceCams]

Adapt or die

[@bobjtshirts]

I so enjoy watching them go out of business...!

[@williamvangorden44]

Hey I have when I offer memberships two clients that if they have a car they paid XYZ a month and it wouldn't hurt to have an app with that have a option to do so they have that leverage one would be looking for a for convenience. And to have a specific type of card that is used for the capital just swipe and go. Couldn't hurt to give that a try. And her to bring camelinas to a whole new level.

[@BahamutEternal]

A medallion system feels so out dated. Uber, Lyft, ect. have changed this industry for the better. Taxi's from my experience, are dirty, the car is not well maintained, the driver is an asshole, and usually has a criminal background. Uber is cheaper and the people are nicer.

[@komsotchan2145]

I hate taxi driver...I remember getting point A to point B only a 30-minute ride cost me over $100.

[@jasonb4254]

The king will rise again. Fuck Uber

[@mikeseun2520]

wait till the driverless cars

[@SamirNYC]

Guys like this inflated prices. Now who suffers ?

[@n40798]

If this man is saying that Uber is circumventing regulation, he is simply mistaken. He did the entire interview thinking that Uber is a taxi/limo company and no one bothered to tell him it's not

[@christianmorales43]

This is blockbuster complaining about Netflix! It sucks for blockbuster but thats life

[@pikiwiki]

did i mishear him saying 50 (b)illion dollar industry

[@derrickyee1143]

Nobody is gonna miss "Gene" Friedman when he is not around anymore.

[@Heart2HeartBooks]

medallions are selling for 240,000

[@pbabuik]

I have no sympathy for virtual monopolies that get a taste of their own medicine

[@pancakes3ful]

Go Lyft and uber take down this monopoly .

[@mariocondello2282]

Is this dude still alive ?

[@calbastian]

.....bargaining....then depression.... and finally acceptance that Uber will eat all your lunch.

[@Arcsecant]

I'm worried that the taxi drivers won't be able to make millions off passengers anymore. Do you think they'll be ok?

[@afterlife697]

All these companies need to start realizing that people want a more comfortable more efficient and convenient experience for less money. It’s called capitalism quit whining and get with the program. Or go out of business.

[@shamilflexible3181]

where is ford crown victoria

[@frazk2427]

lol the "Taxi King" doesn't like the big corp transport service.

[@esayasaraya874]

liquidate asap....buy an island.....sigh

[@JeepBoiFL]

Love how the expensive medications and "regulations" these people made to keep out competition is now what strangles them. They completely did this to themselves. Yello cab systems are/were the WORST! Rot in hell you greedy bastards.

[@teddybearisms2505]

Let licensed taxis use the Uber system at half the rate of regular drivers. So if an uber driver has to give uber 20%, then taxis can pick up drivers at 10%, plus use their own means to pick up drivers, with nothing going to uber. You would turn taxi drivers into half time uber drivers. That said, the taxi system would eventually need to be phased out, it too corrupt, and because of these mass license holders, and the companies that buy up the licenses, its become over priced, giving non driving license holder too much money.

[@radutrif1232]

ain't that a kick in the nuts????