The cab company goes bust, and the gang is forced to get other jobs. They meet at Mario's a month later to discuss their new jobs. Tony is a collector for a bookie, but feels guilty about this line of work, especially when he needs to collect on a priest. Elaine is an executive assistant, but after she convinces her spineless boss to speak his opinions at a board meeting, they both get fired. Jim takes a job as a door to door salesman, but forgets that he is selling encyclopedias rather than rug shampooers and ruins a woman's carpet in the process. (Part one of a two part episode)

In part two, the gang continues talking about their new job experiences. Louie gets a job as a stock broker, after convincing the boss that his persistence and lack of morals will make him successful. While this proves to be true, he is fired nonetheless, because his colleagues can't stand him. Bobby takes a job as a bunny for children's party, but when he discovers that a kid's mother is a famous director, he acts out a monologue from ""Whose Life is it, Anyway,"" to the disappointment of the children. Alex gets a job as a night watchman, which is dull until he aims the surveillance camera at himself and pretends to be on ""the Alex Reiger Show."" At the end, Louie learns that the cab company is back in business, and everyone returns to their old jobs.

After Latka is rejected by a snobbish, but beautiful woman at Mario's, he decides to change his image by taking some time off and studying Playboy magazines and English language tapes. When Latka reemerges from his sabbatical, he has lost his accent and now is a lounge lizard who goes by the name, Vic Ferrarri. He soon easily picks up on the woman who had rebuffed him earlier. Although amused, the cabbies become concerned about the changes Latka has gone through, since he has now lost all of his nice qualities and is constantly hitting on Elaine. Alex tells Latka/Vic off, and later Latka appears at Alex's apartment, saying that he's sorry and doesn't want to be Vic anymore. Alex works with Latka and manages to get the old Latka back, although there is a twinge in Latka's eye that suggests Vic isn't gone forever..