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Andrew M. Murstein
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Andrew M. Murstein : ウィキペディア英語版
Andrew M. Murstein

Andrew Mead Murstein (born June 29, 1964) is the founder, president, board member and largest shareholder of Medallion Financial Corp., publicly traded on the Nasdaq stock exchange under the symbol TAXI that specializes in financing taxi cab fleets.〔Forbes magazine online profile posted online 2008, retrieved Feb. 24, 2010 (http://people.forbes.com/profile/andrew-m-murstein/52215)〕 According to publicly available information, his net worth is in excess of $600,000,000. Taxi and its predecessor companies have invested over $5,000,000,000 in various companies throughout the U.S. Including dividends, TAXI has had an average annual return of 25% per year over the last 10 years. He received a B.A. in economics, cum laude, from Tufts University and an M.B.A. in finance from New York University.〔“Andrew Murstein, President” Medallion Financial Corp. website, retrieved Feb. 24, 2010 (www.medallion.com/about_senior_mgmt_murstein.htm)〕〔Andrew Murstein et al., The Business of Funding, New York, Aspatore Inc., 2006, p.37〕 He was named among Crain’s New York Business’ “40 Under 40”, and has been featured in numerous business publications.〔“Andrew Murstein, 29,” by Peter Grant “40 under 40,” Crain’s New York Business, Jan. 31, 1994/Feb. 6, 1994, p. 11〕〔Medallion Financial Corp.Retrieved Oct. 7, 2010 (www.medallion.com)〕 In 2013 he was appointed to the Board of the Javitz Center by Governor Andrew Cuomo.
==Early life and Career==
Andrew Mead Murstein was born in Roslyn, New York to Alvin and Aileen Murstein.〔“Andrew Murstein Weds Miss Rudnick,” The New York Times (http://www.nytimes.com/1990/11/04/style/andrew-murstein-weds-miss-rudnick.html)〕 His grandfather of German descent, Leon Murstein, came to the United States from Argentina,〔“NYC taxi medallions worth hailing,” by Taylor McGraw, USA Today, Aug. 6, 2009, p. 3B〕 became a New York cabdriver and purchased one of the first New York taxi medallions, issued in 1937, for $10.〔“So you want to go public,” by Stan Luxenberg, Family Business magazine,
Winter, 2003 Issue〕〔“Hailing New Customers,” by Tania Padgett, Newsday, Nov. 3, 2003, p. A31〕〔“A Lender Hopes to Profit From the New Taxi Math,” by Tim Gray, The New York Times, Jan. 25, 2004 (http://www.nytimes.com/2004/01/25/business/investing-a-lender-hopes-to-profit-from-the-new-taxi-math.html?emc=rss&pagewanted=all)〕 The family went on to purchase several hundred medallions for prices as little as $10 each, and which now sell for over $1,200,000 each.〔“Medallion Financial Corp. Reports 2009 Fourth Quarter and Full Year Results,” press release issued March 5, 2010, posted on Business Wire (www.businesswire.com/news/home/20100305005660/en), Yahoo, Dow Jones, businessweek.com, marketwatch.com, and Medallion’s website〕〔“Medallion Financial Corp. Reports 2010 Second Quarter and Full Year Results,” press release issued August 4, 2010, posted on Business Wire (http://www.businesswire.com/news/home/20100804005928/en/Medallion-Financial-Corp.-Reports-2010-Quarter-Results), Yahoo, Dow Jones, Reuters, businessweek.com, marketwatch.com, and Medallion’s website〕〔“Industry Information,” New York City Taxi & Limousine Commission website (http://www.nyc.gov/html/tlc/html/misc/avg_med_price.shtml), retrieved Oct. 7, 2010〕
Murstein’s introduction to the taxicab industry came early. His father, employed by his grandfather in his Queens-based taxi business, used to take young Andrew along to the taxi garage, where he was assigned to collect rentals for using the medallion from taxi drivers at the ends of their shifts. Murstein soon learned not to believe the excuses – such as a baby being born in the back of the cab – drivers often used for returning their taxis late.〔“So you want to go public,” by Stan Luxenberg, Family Business magazine, Winter, 2003 Issue〕〔“Greasing the wheels,” by Joshua M. Bernstein, New York Daily News, Oct. 24,
2006, p. 32〕
Andrew’s father and grandfather eventually owned more than 500 medallions. NYC taxi medallions currently sell for in excess of $1.1 million each. When they decided to sell some in the 1970s, no banks would provide the financing so that is when they got into the lending business. Banks would not lend to immigrants because they considered them too risky. They did not understand the character of the immigrant and were not aware of the value and security of a taxi medallion.〔〔〔 Medallion has since lent over $3 billion to the taxi industry with zero losses.〔
In 1979, the Mursteins founded a family-owned company called Medallion Funding Corp. to build a taxi medallion lending business. Medallion Funding earned returns on investment over 20 percent per year.〔“Andrew Murstein, 29,” by Peter Grant, “40 under 40,” Crain’s New York Business, Jan. 31, 1994/Feb. 6, 1994, p. 11〕

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