NPR reports today:
There is a scandal rocking the financial industry — or we should say, a small but important part of that industry: online lending.
Lending Club — one of the first companies to directly connect borrowers and investors online — is in boiling-hot water. Investors were lied to, and the CEO resigned. Industry insiders are disputing what the real lessons of the scandal are.
Lesson 1: Oversight Is Essential ….
Lesson 2: Skin In The Game ….
Read the full NPR story here.
