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Former Morgan Stanley CEO John Mack Joins Lending Club Board

April 12, 2012 By Peter Renton 6 Comments

Views: 160

John Mack is a legend on Wall Street. He worked his way up through the ranks of Morgan Stanley and became CEO in 2005. He was at the helm during the financial crisis and managed to bring his company through relatively intact.

Whether or not Mack did a good job during his tenure as CEO of Morgan Stanley is up for debate but clearly he is someone who knows the financial services industry intimately. And he has decided that p2p lending has a significant role to play in that industry.

Earlier this week Lending Club gave me a heads up about this big news they released this morning. John Mack is joining the Lending Club board of directors. Here is what he had to say about this (quoting from the press release):

“Lending Club has created an innovative platform that provides investors with low-cost access to high-quality consumer credit assets, and at the same time makes credit more affordable to consumers,” said Mack. “This is a winning combination and I am truly excited to serve on the company’s board.”

This can only be viewed as a positive for Lending Club and p2p lending in general. It is already getting a great deal of coverage in the mainstream press. The San Francisco Business Times reports that John Mack is an investor (not of the venture capital kind – an investor in the loans) in Lending Club. The Wall Street Journal elaborates on that investment – Mack has invested in both private funds of LC Advisors. Bloomberg and the Financial Times in the UK have also covered this story.

To the average investor this news is of merely passing interest. But what it will do is get the attention of the high net worth individuals and the institutional investors. If someone was on the fence about Lending Club, seeing John Mack’s vote of confidence in the company can only help influence their decision to invest. So, I don’t think Lending Club will be short of investor money any time soon.

Filed Under: News Tagged With: John Mack, Lending Club

Views: 160

Comments

  1. Dan B says

    April 12, 2012 at 10:59 am

    I’m sorry but I’m not that impressed. I thought we were trying to get rid of all the banker types. Now, if it was Peter Renton that was appointed to the Board then I’d be feeling differently. 🙂

    Reply
  2. Peter Renton says

    April 12, 2012 at 6:17 pm

    @Dan, Ha! I haven’t received an invitation….Seriously, though, the main reason I am impressed with this is that p2p lending still suffers from a credibility problem with regular investors. Now, that someone from the mainstream financial industry is on board maybe they will give it some more consideration.

    Reply
  3. Dan B says

    April 12, 2012 at 7:20 pm

    Well put, I agree.

    Reply
  4. Em says

    April 27, 2012 at 10:12 pm

    Mack the Knife?

    In the words of Scooby Doo, “Ruh-roh, Raggy!”

    Reply

Trackbacks

  1. The Peer-to-Peer Hunger Games (Deconstruction of a Revolution) says:
    May 22, 2012 at 1:54 pm

    […] for a while, but will nonetheless be seen as the day the revolution went viral.  The event: John Mack joined the board of Lending Club.  For revolutions to get started, it is the intelligentsia which needs to be made aware of the […]

    Reply
  2. Prosper Reboots With a New CEO and New Funding says:
    January 22, 2013 at 11:08 am

    […] year Lending Club caught all the headlines for their astounding growth and high profile board nominations. No doubt they will continue to do well in 2013. But I think this year it will not be […]

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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