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Lending Club plans layoffs, discloses loans to former CEO and family members

latimes.com

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Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#111

Post by jessedhillon »

jessaustin wrote: post #84
jessedhillon wrote: post #37

Earlier quoted context omitted.

Yes, punish the hundreds who simply do their job by forcing the company to go out of business, instead of trying to steer it towards a more productive future. We've gotta justify that pitchfork investment, don't we?

I'm sure I've seen "just doing my job" invoked in a pejorative sense, in close parallel to "just following orders"? When one's job is to harm society, society might step in, even if one "didn't know".

Is your argument that P2P lending is analogous to the Holocaust?

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#112

Post by [deleted] »

pmorici wrote: post #64
rando18423 wrote: post #6

Wow, so the crown of the "fintech" movement is just as bad as the banks, and the two biggest Silicon Valley successes of the last decade, Uber and AirBnB, are really just cases of massively successful regulatory arbitrage. Nice innovation!

Please, the handful of irregularities they found at LC doesn't begin to amount to the shady stuff large banks have been caught doing. More importantly if you are a regular investor in LC loans none of the things found have caused investors in LC notes to lose money.

[deleted]

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#114

Post by mmsmatt »

I don't think you need to do any of this shady stuff to be a small loan marketplace for unaccredited participants. But the shady stuff kills your chances to feed the CLO pipeline and selling (large batches of) small loans to accredited buyers.

So just... why take _these_ risks? It doesn't have a realistic chance of helping any viable strategy that I can think of.

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#115

Post by rando18423 »

pbreit wrote: post #103
rando18423 wrote: post #6

Wow, so the crown of the "fintech" movement is just as bad as the banks, and the two biggest Silicon Valley successes of the last decade, Uber and AirBnB, are really just cases of massively successful regulatory arbitrage. Nice innovation!

Dismissing Uber & AirBnB as primarily/solely successful from exploiting legal loopholes is insulting and uninformed.

...ok, how? I understand it's "all about execution" but were there not explicit laws governing taxis and related services, as well as running a hotel out of your home? Did we as a society not choose to put those in place?

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#116

Post by pm90 »

mmsmatt wrote: post #114

I don't think you need to do any of this shady stuff to be a small loan marketplace for unaccredited participants. But the shady stuff kills your chances to feed the CLO pipeline and selling (large batches of) small loans to accredited buyers. So just... why take _these_ risks? It doesn't have a realistic chance of helping any viable strategy that I can think of.

You answered your question. It is a risk... a risk that not many are prepared to take. LC seems like it serves those who are willing to take that risk in hopes of getting better returns.

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#117

Post by p4wnc6 »

jpatokal wrote: post #107
p4wnc6 wrote: post #92

Earlier quoted context omitted.

It's almost like there should be websites that give reviews and ratings for local businesses and services.

As it happens, the first hit for that search is Yelp. Do you find this helpful? https://www.yelp.com.au/search?cflt=taxis&find_loc=Mountain+...

Yes? The second entry clearly looks like a highly-rated general taxi service with a phone number. I might skip the top entry since it could be more related to airport rides.

I don't see what you're getting at. This looks like exactly what I'd use to quickly find a cab company and their contact info.

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#118

Post by p4wnc6 »

ycombobreaker wrote: post #95
p4wnc6 wrote: post #51

Earlier quoted context omitted.

This complaint makes no sense to me. You just call the taxi company further in advance of when you need the ride. If you know it's always around a 30 minute wait, just call 45 minutes ahead of time and tell them the time you need picked up. Phoenix & SLC are also not cities in which people are likely to rely on on-demand ride sharing. Most people own their own car especially if they care about being able to determine…

> Further, in all of the non-mega [...] cities I've been in, apart from one single city (San Francisco), the wait time for Uber is on the order of the wait time for a taxi. As a data point to the contrary, in Chicago we stopped calling taxi dispatchers to our apartment because they would arrive up to 30 minutes late. Even if we scheduled ahead of time, it didn't seem to matter; as if the dispatchers were holding our…

I live in northern Indiana and have visited Chicago many times in my life, downtown, near UChicago, and both airports. I've never experienced late taxis beyond a very normal 5min sort of thing.

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#119

Post by p4wnc6 »

stormbrew wrote: post #97
p4wnc6 wrote: post #68

Earlier quoted context omitted.

This just makes your comment lose all credibility to me, I'm afraid: > I would not however get a taxi simply because I don't know the number to call, I don't know when they'll arrive at my house, and simply the entire taxi experience is just horrible. You don't know the number? Really? If you have a mobile device from which to use Lyft, then getting the number is completely and entirely trivial. While there is some v…

Meanwhile, in drops in credibility, you say this: > While there is some variability in taxi arrival time (just as there is with Lyft or Uber arrival time), taxis typically are no later or more difficult to estimate. You just tell them when the taxi should arrive and that's when it will be there. A charitable interpretation of this is that you must live a charmed life. The only people I know who say things like this a…

I live in a rural area of northern Indiana that is about 1 hour outside of a medium-sized city (around 250,000). I don't own a car. I rely on rides from family, and unusual combinations of taxis and buses when in town.

I've experienced none of the problems you describe, and I've used taxis in small (less than 30,000 people), medium (100,000 - 300,000 people) and large (Boston (where I lived for a long time), Chicago (nearest large city to me now), New York (visited friends there many times), Austin (work travel), Paris (worked there in 2010), and various other places I traveled) cities and towns.

If you call with a bit of advanced notice, it's rarely an issue. If you call at the last minute, of course there's a problem. But the exact same problems happen with Uber/Lyft.

Re: Lending Club plans layoffs, discloses loans to former CEO and family members

#120

Post by pbreit »

rando18423 wrote: post #115
pbreit wrote: post #103

Earlier quoted context omitted.

Dismissing Uber & AirBnB as primarily/solely successful from exploiting legal loopholes is insulting and uninformed.

...ok, how? I understand it's "all about execution" but were there not explicit laws governing taxis and related services, as well as running a hotel out of your home? Did we as a society not choose to put those in place?

Vacation rentals have been around as long as, well, homes. We as a society absolutely did not choose to forbid Uber. In fact we love it.
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