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05-17-2016, 10:43 AM #1
Reputation points: 16720
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- Sep 2014
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- 430
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05-17-2016, 10:53 AM #2
Reputation points: 10944
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
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05-17-2016, 12:04 PM #3
Reputation points: 3087
- Join Date
- Apr 2013
- Posts
- 117
It's getting worse. They investing Cirrix Capital, a fund that buys their loans. The fact the Renaud and John Mack didn't dislose their individual ownership stakes in this fund to the board is a big deal.....
LC actually provided CREDIT PROTECTION to this fund! Brazen self dealing!
So hey investors, I'm lending club, please buy these notes without credit protection.
So hey fund that I own, I'll give you credit protection against our lousy underwriting to buy these loans so we can growth our origination......
Are you kidding me?
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