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15 Jan 2017 
We will work to do so."

I was quite impressed with how open and non-defensive Sanborn and Wierman were in responding to these tough questions.

I asked about the average value of delinquent loans and Wierman stated they sell on the open market at an average discount of 42 percent.

My take

I spoke to Scott Sanborn, Lending Club's Chief Operating Officer and Matthew Wierman, the Company's VP of Platform Performance. He said the company does not and could not estimate the fair value of the millions of notes in individual investor accounts at various points in time and adds that some of the loans may be worth more due to improving credit quality of the borrower or from declining rates. Investors can own parts of loans in increments as low as $25 each. I would argue the 11.08 percent annualized return was pure fantasy, and that fantasy applies to the whole group of Lending Club investors.

That said, I do think that Lending Club is overstating investor return -- and probably significantly. Less than a month later, two of those notes went into default and suddenly my 11.08 percent annualized return dropped like a rock.

What I suspect was happening here, was that Lending Club was not marking down delinquent notes, recognizing that the value was impaired. Sound familiar? It ought to, since it was the same failure to "mark to market" that the big banks were doing on their real estate loans until the near financial collapse in 2008.

Now because Lending Club is rapidly growing, my hypothesis was that a rapidly increasing number of delinquent loans were being included at full value in these handsome returns. They acknowledged the fact that delinquent loans are not written down in value until they default and that until then the full value (minus missed payments) is part of the calculation of overall investor returns. While Wierman is right that the value of loans can change due to interest rate changes and changes in the borrowers' credit scores, these are just as likely to increase as decrease. Wierman stated that typical investor behavior is to hold all loans to maturity, making the distinction more about a moment in time. After loans hit default status (120 days), Wierman stated they collect only about five percent of the principal.

Was I brilliant or lucky? As it turns out, I was neither. Investor returns are said to have been handsome but those returns may be over stated.



According to the Lending Club, annual returns have averaged 5.49 percent for their highest rated "A" loans, up to 13.55 percent for the second riskiest category "F" loans. Those with 100 or more notes have averaged returns of 6-9 percent and less than one percent of those investors have incurred net losses.

2013 CBS Interactive Inc.. I may even reinvest some of my proceeds from existing notes.



Editor's note: Since the publication of this post, there have been some changes. That could result in grossly overstating overall investment returns, much as the 11.08 percent annualized return on my March was grossly overstated.



The Lending Club responds

I expressed an opinion to Sanborn and Wierman that next to the returns should be a big bold disclosure to the effect of "these returns include the full value of delinquent loans which, in the aggregate, are unlikely to be fully realized." Sanborn responded "I think your feedback can perhaps be better incorporated into the account summary area. Counting the full value delinquent loans is a significant bias that overstates the value and thus overstates the return.. This helps a small investor own a portion of a large number of loans. See, my $121.38 profit included $100.22 of principal and interest from four delinquent notes. Yet, between September 7, 2012 and the end of March 2013, my Lending Club statement shows I earned an annualized yield of 11.08 percent, above the average of the rates for the credit risk I selected for my notes. I invested $2,600, of which $100 was a bonus they paid me as a new customer. I used the money to purchase shares of 95 loans. Read Allan Roth's update here.



Before writing about the Lending Club, I kicked the tires for several months. I also think the Lending Club platform provides a unique matching service between borrowers and investors and I enjoyed the process. All Rights Reserved. I wasn't particularly active and generally didn't reinvest the payments.

(MoneyWatch) The Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit. If I excluded delinquent loans, I calculated my annualized return to be about 1.60 percent


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15 Jan 2017 
Garnett, who came to Boston in a blockbuster trade with the Minnesota Timberwolves, joins Ray Allen and Paul Pierce in Beantown, instantly transforming the crumbling Celtics into championship contenders.

NBA commissioner David Stern dismissed the incident as nothing more than a rogue employee but the league must now concentrate on regaining the confidence of American ถอนเงิน fun88 and Canadian fans instead of wooing interest abroad.

San Antonio will be part of the opening night action against the Portland Trail Blazers and the Utah Jazz take on the Golden State Warriors.

LeBron James is no stranger to the spotlight and is certain to be the focus of attention again after leading the Cavaliers to the NBA finals for the first time last year only to be swept in four games by the Spurs.

NEW YORK After a summer spent expanding its global brand with exhibition games from Shanghai to Rome, the NBA opens a new season on Tuesday looking to win back home fans following a gambling scandal which rocked the sport to its core.



There appears, however, to be a new powerhouse taking shape in the Eastern Conference with 10-times all-star Kevin Garnett's arrival in Boston.

In Dwyane Wade and Shaquille O'Neal the Miami Heat still pack the NBA's best one-two punch and if the two all-stars can stay healthy another championship could be headed to South Florida.

The aging Spurs will have a familiar look with 12 players back from last year's squad, former league and playoff MVP Tim Duncan leading an all-star international cast that includes Frenchman Tony Parker and Argentine Manu Ginobili.

The Miami Heat and Detroit Pistons also look ready to figure into the Eastern Conference battle.

The Phoenix Suns and their high-octane offence led by twice MVP Steve Nash, once again look the best in the West alongside the Spurs and Dallas Mavericks.

Trade rumors have once again started to circulate, the Chicago Bulls reportedly making another bid for Bryant.

Since the Rockets made Yao the top selection in the 2002 NBA draft, the towering 7ft 6ins center has blossomed into one of the NBA's most dominant players and one of world's most recognizable athletes.

Referee Tim Donaghy' admission he bet on games he officiated and passed on inside information to bookies has inflicted severe damage to the NBA's credibility with the toll likely to mount as investigations continue.

The night's other matchup will see two of the league's marketing dynamos clash when Kobe Bryant and the Los Angeles Lakers host Yao Ming and the Houston Rockets.

After spending much of summer demanding a trade, Bryant is expected to be on the floor for the Lakers despite a wrist injury that kept him out of the team's final exhibition contest.



Stung by the failure, James dedicated himself to an off-season of intense training in his bid to guide the Cavaliers to the championship and secure his place among the game's greats.

Yao, however, could be in for some stiff competition off the court following the arrival of compatriot Yi Jianlian, who has hogged the international spotlight since the Milwaukee Bucks took the seven-footer with the sixth overall selection in this year's draft.

Over the last decade, none have been better at collecting championships than the San Antonio Spurs, who enter the new campaign seeking their fifth title in 10 years.

While restoring integrity will be the NBA's newest priority, the goal for the league's 30 teams remains the same -- winning a title.

By Steve Keating

| NEW YORK
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11 Jan 2017 
L'Etoile offers customers a seasonally changing menu while Mandalay features an authentic New York-style atmosphere with live piano and the occasional show during dinners.

Click here to get the inside scoop on the best concerts, festivals, parties, and more in your city every weekend!

However, real casinos still exist in the world and they provide a real-life entertainment experience and so much more than a digital platform that simply feeds one's betting habits.

The atmosphere is a bit more relaxed in the upstairs American Room (Sala Americana), where 275 slot and gaming machines provide plenty of entertainment for a mix of older tourists and young gambling novices.

This room attracts a fair share of both visiting and local business people who line up at the roulette tables, as well as stoic young men in dark glasses who do battle over cards. Sports betting, online poker, roulette, slots...name your game and you can access it all at your finger tips.

Split into two levels, the casino's downstairs Main Room (Sala Principal) is reserved for serious gamblers who know the difference between Omaha and Texas Hold'em and don't need to be reminded of the rules of blackjack.

The Casino Gran Madrid is Spain's largest casino and features thousands of slot machines and tables in addition to fine dining and nightlife. In the three massive gaming halls, players can find poker tables, both American and French versions of Roulette, and a plethora of blackjack and baccarat areas.



For those on a winning streak, the casino provides two elegant dining experiences at L'Etoile and Mandalay. The floor also contains a posh restaurant and a bevy of white-coated servers who ferry drinks to the winners.

2016-10-24-1477341702-939411-casinobarcelona_original.jpg

The casino is an incredible entertainment and gambling palace for all types - but customers should note: a passport is required for entry and t-shirts and tennis shoes are not allowed per the venue's strict dress code.

This article by Party Earth.

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For those less fortunate gamblers (or those who want to save every Euro possible for the tables), there's La Cupula, the casino's requisite buffet style restaurant. Sports fanatics, meanwhile, can eat, cheer, and bet on Real Madrid at the casino's sports bar, which serves up typical bar food such as tapas, sandwiches, burgers, and other snacks.

In particular, Spain has two fantastic casinos which provide table games, slot machines, entertainment, restaurants, nightlife as well as the thrill of victory and the agony of defeat. Here's an overview of two notable casinos in Madrid and Barcelona.

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Anyone with a penchant for risk-taking may want to try their luck at Casino Barcelona, where they can attempt to double their money or at least have fun blowing the whole lot.

Although the place lacks the glamour and extravagance of larger venues, Casino Barcelona is serviceable enough and is a good option for rainy days in Spain.



The sights, sounds, smells, and overall atmosphere of a casino get many people excited like kids in a candy store as they typically offer a wide range of entertainment to feed one's desires throughout the night.

We live in an age where online gambling allows us to place any type of wager we want in the casino online


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10 Jan 2017 
So, at the time of giving a persuasive speech, there are a few pointers you should remember.

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12 Dec 2016 
Good thing, Blog Rank already did the job for you and ranked the top book blogs on the Internet and compiled them in different lists based on the ranking methods used.





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