If anyone ever asks whether technical debt has a concrete cost, here’s Prosper paying $3 million because they lost institutional knowledge of how a number was calculated (and it snowballed from there): https://www.sec.gov/litigation/admin/2019/33-10630.pdf …
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Wow. So interesting. I learned the same lesson myself with Lending Club, between 2016-2017. It was $30K instead of $300, and I lost about 2% lending to A & B grade borrowers. Tons of defaults within the first 4 months.pic.twitter.com/dwTyJf96KQ
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This is what Lending Club claims is the net return for A-class investments: https://www.lendingclub.com/info/demand-and-credit-profile.action …. I'm going to stick with US treasuries.pic.twitter.com/0SlaJMajXH
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