His father owned eight taxi medallions, but Gene Freidman saw an opportunity to grow the family business using big interest-only loans with low rates to buy as many medallions as possible. He got in the business through his dad, who drove cabs after the family emigrated to New York from Russia in the 1970s. And on Sunday, one of the men responsible for inflating the cost of those medallions died.Įvgeny “Gene” Freidman was known as the Taxi King. New York City taxi drivers have been protesting for weeks, asking the city to help them reduce the massive debts that they incurred purchasing the medallions that make it possible for them to work.
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