Photo: Courtesy of Morgan Stanley
Now that John Mack isn’t the head of Morgan Stanley, he probably has a lot of time on his hands. That can’t be good for someone who was once so active (at least, we imagine).So here’s what he’s doing. According to New York Magazine, he’s sitting on the board of Lending Club, a San Francisco based lender made up of outside investors that provide loans of up to $35,000 to customers and then, naturally, collects interest on them.
From NY Magazine, Daily Intel:
“We are a lower-cost, more efficient alternative to the banks,” says Lending Club’s… CEO, Renaud Laplanche, pointing out that in the past few years, big banks have had to raise interest rates on consumer credit cards and lower payments to investors in order to comply with regulations and finance their big, lumbering operations. “The banking sector is one of the last big industries that is still very bureaucratic,” he adds. With the addition of John Mack to what Laplanche calls an “all star” group of investors that includes “government officials, hedge-fund managers, a lot of pretty well-known people interested in lots of lending and consumer credit,”
So yeah, a bunch oh rich guys lending you money. Sounds right.