How Wall Street Led LendingClub Into Crisis - Bloomberg:
Crony capitalism
Laplanche was on cloud nine over Mack’s arrival, one person close to the matter said. A few months later, Meeker joined him on the board, and Kleiner invested $15 million. Next came Lawrence Summers, the former U.S. Treasury secretary. He had been referred by�Dave Goldberg, then head of SurveyMonkey Inc. He’s the late husband of Sheryl Sandberg of�Facebook Inc., which Morgan Stanley had taken public in 2012.
Crony capitalism
Laplanche was on cloud nine over Mack’s arrival, one person close to the matter said. A few months later, Meeker joined him on the board, and Kleiner invested $15 million. Next came Lawrence Summers, the former U.S. Treasury secretary. He had been referred by�Dave Goldberg, then head of SurveyMonkey Inc. He’s the late husband of Sheryl Sandberg of�Facebook Inc., which Morgan Stanley had taken public in 2012.
