LendingClub (LC) is apparently not ready to report to its shareholders. The peer-to-peer lending company postponed its annual shareholder meeting and said its second-largest stockholder, Baillie Gifford, had sold all of its position, according to a Wall Street Journal report. This comes after founder and former CEO Renaud Laplanche was forced to resign last month. The board had found issues with $22 million in loans sold to Jefferies. The shareholder meeting, which had been scheduled for Tuesday, is now set for June 28.
Lending club. pic.twitter.com/8cco7ffYO2¿ Ivan the K¿ (@IvanTheK) June 7, 2016
With all the recent movements in the markets, especially considering oil prices and monetary policy, you may be wondering where to invest. Well, Pacific Investment Management Co. breaks down it down. The California-based investment firm says equities are underweight, while spreads in both investment-grade and high-yield credit are overweight. PIMCO also believes currencies are underweight citing the Chinese yuan as a portfolio hedge. The only neutral rating: Interest rates.
And it is déjà vu of 2003, apparently. Steve Hanke, applied economics professor at Johns Hopkins University and senior fellow of the Troubled Currencies Project at the Cato Institute, tweeted Tuesday that financial institutions purchasing long-term bonds for tiny yield produces a situation similar to 13 years ago.
-- Written by Anders Keitz