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18

Morning Agenda: A Tale of Two Silicon Valleys

By Tony Seruga

A TALE OF TWO SILICON VALLEYS | Lending Club’s implosion is a tale of an Internet unicorn, valued at more than $8 billion at its initial public offering, grasping for growth and cutting corners. But it is also a tale about the good that an online lender can do,
Steven Davidoff Solomon writes in Deal Professor.

Lending Club hit a wall when it disclosed that it had fired Renaud Laplanche, its founder and chief executive, for having failed to properly address $22 million in loans that were sold under false credentials to the investment bank Jefferies. Lending Club also disclosed that Mr. Laplanche may have secretly invested in a fund that Lending Club had a position in…

Morning Agenda: A Tale of Two Silicon Valleys

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