LendingClub IPO Means a Payday for Summers, Mack

The transcript discusses the involvement of former Morgan Stanley CEO John Mack and others in Lending Club, a leading peer-to-peer lending platform. It highlights the potential financial gains from Lending Club's upcoming public offering, as reported by the Financial Times. Lending Club has facilitated over $6 billion in loans by connecting borrowers with lenders online. Both Summers and Mack are board members with equity in the company.

What is the business model of Lending Club?

What role do Summers and Mack play in Lending Club?