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Here's Why Shares of LendingClub Were Higher on Wednesday.

7h ago



LendingClub shares were higher Wednesday after Bloomberg Businessweek's Max Chafkin discussed the company's problematic past and future on Tuesday afternoon. The company came under fire earlier this year because the management team had been taking out loans to strengthen the company's brand in the public eyes. Chafkin said this news cast doubt over the company's business practices. LendingClub has been working to move past the controversy by hiring a new CEO and conducting audits to prove to investors that it is sustainable. Chafkin concluded that the business is not going to go away anytime soon, but the LendingClub may have grown too fast. Subscribe to TheStreetTV on YouTube: For more content from TheStreet visit: Check out all our videos: Follow TheStreet on Twitter: Like TheStreet on Facebook: Follow TheStreet on LinkedIn: Follow TheStreet on Google+: