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Author Topic: Lending CLub CEO resigns  (Read 7234 times)

yankeefan

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Lending CLub CEO resigns
« on: May 09, 2016, 08:11:11 am »

Loan sales to large investor did not meet investors criteria.

Lending Club, Leading Online Lender, Says Its Chief Resigns
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loanuniverse

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Re: Lending CLub CEO resigns
« Reply #1 on: May 09, 2016, 10:19:03 am »

I am still holding from Ipo.        :(
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"And again, when you have 15 people, and the 15 within a couple of days is going to be down to close to zero, that’s a pretty good job we’ve done."

TotoMMB

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Re: Lending CLub CEO resigns
« Reply #2 on: May 09, 2016, 12:01:23 pm »

I am still holding from Ipo.        :(

They did turn a profit. Re-up! Dollar cost average down!
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Urbi_et_Orbi

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Re: Lending CLub CEO resigns
« Reply #3 on: May 09, 2016, 02:55:44 pm »

Curious to see how this evolves. If multiple people in top leadership are being cut out, it is tempting to consider the possibility that this may not be the full story.

havastat

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Re: Lending CLub CEO resigns
« Reply #4 on: May 09, 2016, 10:20:59 pm »

Something doesnt add up here. From whats been published it seems there were one or two problematic deals, the sort you could rectify by giving people their money back and a discount on their next purchase and moving on.

Either LaPlanche did more that isnt being discussed, or the board wanted to fire him anyway and was scouring the records for small mistakes that might serve as a pretense. LaPlanche had a long-term, Amazon type view and was focusing on long term growth rather than short term profits. Perhaps the new CEO will have a horizon more in line with a Wall Streets.
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havastat

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Re: Lending CLub CEO resigns
« Reply #5 on: May 09, 2016, 10:25:29 pm »

Lobby
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alexpkeaton

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Re: Lending CLub CEO resigns
« Reply #6 on: May 10, 2016, 03:27:34 pm »

I am still holding from Ipo.        :(

Glad I got out when I did. I made a few thousand dollars on it.
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yankeefan

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Re: Lending CLub CEO resigns
« Reply #7 on: May 12, 2016, 09:00:16 am »

Another shoe-

Company and CEO invested $14mm this year in fund (Cirrix capital) which bought loans- own 31% of that fund

http://www.wsj.com/articles/lendingclubs-ties-to-fund-under-fire-1463011193

Ooops....
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alexpkeaton

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Urbi_et_Orbi

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Re: Lending CLub CEO resigns
« Reply #9 on: August 23, 2016, 12:35:08 am »

Good find and interesting article. Brings back memories of the discussions we had when Prosper started allowing multiple loans, and also how Prosper would pump out loan originations close to th end of the month.
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