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LendingClub Founder Turned to Mack for Emergency Loan Help

By Tony Seruga

Mack said to have supplied temporary financing to Laplanche
Morgan Stanley provided a subsequent mortgage, record shows

When the founder of LendingClub Corp. needed quick financing earlier this year, he turned to his fellow board member, former Morgan Stanley Chief Executive Officer John Mack, for an old-fashioned version of a peer-to-peer loan.

Renaud Laplanche got into a jam in January when the LendingClub shares that he pledged as collateral for an earlier loan plunged in value, according to a regulatory filing last week. As a stopgap measure, Laplanche borrowed money from Mack, according to a person familiar with the matter, who asked not to be identified discussing the transaction. Morgan Stanley later provided a mortgage to Laplanche, property records shows…

LendingClub Founder Turned to Mack for Emergency Loan Help

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