Yes, this shows the corruption of NYC’s Progressive power base.
It also shows the dangers of using rent-seeking to build up a profitable monopoly. For years New York’s politicians structured taxi regulations so as to make those medalions into virtual licenses to print money. All of this was funded by anyone who had to pay for a cab ride in a non-competitive environment.
I have a hard time being too broken up about the Taxi Kingpin’s woes.
-— It also shows the dangers of using rent-seeking to build up a profitable monopoly. -—
True. But usually the cronies make a quick kill, making so much profit that they can afford to close down. See Solyndra, etc.