Here is the game plan for Uber.

Create a cool app that people can use to order a cab. Lie to limo and cab drivers about earnings potential, creating chaos amongst your competitors.

Poach as many cab drivers as possible, even if that means oversupplying market with livery cars.

Use growth to raise more capital.

Invest capital to create autonomous car technology that will replace the drivers you just hired.

Launch self driving cars, lay off all workers. Reap the benefits of not having to share fares with drivers.

Fin (cue dystopian society music).

NYC medallion owners are going bankrupt, en masse, thanks to a 50% drop in medallion prices — due to the advent of Uber and Lyft.

At Capitol One and Bank United, distressed loans are greater than 50%, more than 3x last year’s level.

“This is the portion of our loan portfolio that we keep the closest eye on, for obvious reasons,” Rajinder Singh, then BankUnited’s chief operating officer, told investors last January.

Shares of $MFIN, formerly known as TAXI, a play on NYC medallions, have been ravaged.



Once the Fed gets around to raising rates again, the remainder of the taxi medallion owners will be destroyed — just in time for Uber to unleash their self driving cars on the masses and cool new update to their app.

NYC employs 42,000 cab drivers, 13,000 of which are yellow cabs. Nationwide, over 230,000 men and women drive taxis, most of whose are targeted for full unemployment by Uber.

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