How Wall Street Led LendingClub Into Crisis
- John Mack helped online-loan venture as it sought more funding
- His former bank, Morgan Stanley, oversees third-biggest stake
How Wall Street Waltzed LendingClub Into Crisis
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John Mack, a crisp, red windbreaker over his business suit, climbed the dais at the New York Stock Exchange to hail the coming revolution.
It was December 2014, and, like Mack, the Big Board’s colonnaded facade wore the signature red of LendingClub Corp., the precocious company determined to upend the status quo on Wall Street.