The emperor’s clothes

Charisma can only get you so far.

“LendingClub CEO Fired Over Faulty Loans,” The Wall Street Journal, May 10, 2016 A1. Online lender CEO dismissed when the company sold packages of loans that didn’t meet the quality measures offered to investors and the executive failed to disclose his interest in a target in which the company was looking to invest.  Stock dropped $950 million, or 35%.

It was the two of these together, not just one of them, that led to his dismissal.  Curious.

People who lie often lie about more than one thing.

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Filed under Board, Business Case, Compliance, Compliance, Compliance Verification, Culture, Culture, Data quality, Duty, Employees, Governance, Oversight, Oversight, Protect information assets, Risk

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