Summers’ Lending Club makes money by bypassing the Equal Credit Opportunity Act

Cathy O'Neil, mathbabe

Don’t know about you, but for some reason I have a sinking feeling when it comes to the idea of Larry Summers. Word on the CNBC street is that he’s about to be named new Fed Chair, and I am living in a state of cognitive dissonance.

To distract myself, I’m going to try better to explain what I started to explain here, when I talked about the online peer-to-peer lending company Lending Club. Summers sits on the board of Lending Club, and from my perspective it’s a logical continuation of his career of deregulation and/or bypassing of vital regulation to enrich himself.