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

Post by hiou » Tue, Jun 28, 2016, 11:36 PM UTC

jessedhillon wrote: post #37

rhizome wrote: post #3

In just world this would result in a prison sentence, banishment from stock exchanges, and revocation of their corporate charter. The fact that there is no capital punishment for companies, especially public ones, provides a moral hazard.

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?

Post by pmorici » Tue, Jun 28, 2016, 11:44 PM UTC

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!

Post by DINKDINK » Tue, Jun 28, 2016, 11:50 PM UTC

amalcon wrote: post #48

acchow wrote: post #9

Earlier quoted context omitted.

People have dreamt about on-demand car hailing for a long time, but it's always been a pipe dream - building the two-sided network is such too hard and too expensive, and a small network is just not worth using as a consumer. How is this not innovation?

Most of the innovation there was in the cell phone[1]. You've been able to order a car by phone in major metros for longer than those have been around. In fact, Uber started off as an app for using those very services. Props to Uber for execution, but all the pieces were there. [1]-edit: some in the smartphone, but most in the old "makes calls" cell phones

Post by p4wnc6 » Tue, Jun 28, 2016, 11:52 PM UTC

pyromine wrote: post #61

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…

I just logged in specifically to tell you that as a SLC resident without a car, I use lyft extensively. Similarly all my friends do as well, for the almost perfect example people use of preventing drunk driving. I'm already pretty strapped for cash, hence why I don't have a car but I utilize Uber & Lyft when I'm unable to get to my destination in a timely manner. I would not however get a taxi simply because I don't…

Post by gogopuppygogo » Wed, Jun 29, 2016, 12:06 AM UTC

hkmurakami wrote: post #12

ilamont wrote: post #10

The latest disclosures Tuesday, uncovered by a company probe, found that in the last few weeks of December 2009, Laplanche and three relatives took out 32 loans for a total of $722,800. All but three of those loans were repaid in full over the next two months, implying they were taken out to artificially goose Lending Club’s loan origination numbers. If true, would that be considered fraud?

I feel like almost every startup that "made it" used dark-hat growth hacking tactics to pad their numbers. But the other companies were typically in the consumer internet space. I would expect some additional rules to exist for a highly regulated market like Finance.