These days the safest investment might be a
New York City taxi.
A New York City taxi medallion is a tin plate that grants a person the right to operate a yellow cab. On Wednesday, two medallions were sold for $1 million each, the highest price ever. In 1937 when the first medallion was issued, it went for $10. New York City has sold 13,237 medallions over the years. The new ones, when issued, are sold at auction. What this means is that the largest fleets, which often control hundreds of medallions, can easily secure financing. Medallion sales are one of the city's big businesses. In fact, the biggest lender, Medallion Financial, is a publicly traded company and shares a Madison Avenue skyscraper with the Rockefeller Family Fund.
A million bucks for the
right to drive a cab. The vehicle is extra.
Labels: economy, NYC, taxi life
These days the safest investment might be a New York City taxi. 
