Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
caseyresearch.com / Justin Spittler / May 11, 2016
Another day, another corporate scandal…
Dispatch readers know a growing number of companies are using financial tricks to make their businesses appear stronger than they really are. As we mentioned yesterday, some companies are using “financial engineering” to inflate sales or profits. Others are committing outright fraud.
It’s becoming harder and harder to trust Corporate America. And now, there’s yet another reason why…
• On Monday, LendingClub’s (LC) board of directors discovered something troubling…
LendingClub is the largest “peer-to-peer” lending company. It doesn’t lend any money itself. Instead, it runs a website that connects people who want to borrow money with people who want to lend money. In other words, it cuts banks out of the borrowing and lending process. It helps people make loans directly to other people.
Back in 2014, Lending Club was a phenomenon. Peer-to-peer lending was supposed to be the next big thing. The company went public to much fanfare that December.
But since then, it’s been a huge disappointment for investors. Shares have plummeted more than 80%, and the latest news tells us things are only getting worse for the company…
• LendingClub misled one of its biggest investors…
The Wall Street Journal reported on Monday:
LendingClub said a board review found that the San Francisco company sold an investor $22 million in loans whose characteristics violated the investor’s “express instructions.” The board found that some people at the company knew the loans didn’t meet the investor’s criteria and that the application date on $3 million of those loans had been altered to make them comply.
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Thanks to BrotherJohnF