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For like 90% of my Twitter followers, this is an essential read. Connects to - Labor - Financial crisis, asset bubbles, intermediation - Regulation/capture - NYC🗽 - Lyft/Uber - Executive comp and corp governance - Crime and corruption - Int’l migration - Trump - HH finance - … @jasondhorowitz/1130062843594911744
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I’m not going to tweet a million quotes from an article you should just read, but can’t resist this perfect aphorism: “[H]e pushed his family to… establish a bank to focus on lending. Medallion Financial went public in 1996. Its motto was, ‘In niches, there are riches.’”
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Regulator: “It was a party. Why stop it?” Banker: “We didn’t want to be the one left behind” TLC: medallions are “better than the stock market” Nonprofit exec paid $30M: “We didn’t do anything…other than try to help small businesspeople become successful” nytimes.com/2019/05/19/nyregion/nyc-taxis-medallions-suicides.html
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And legislators appear bigoted and asleep at the switch. [Sorry; turned out I lied when I said I wasn’t going to tweet a bunch of quotes from @brianmrosenthal’s amazing article.]