Thomas Casey, who was WaMu's CFO from 2002 through 2008, said that he would apply some of the lessons that he learned from WaMu’s failure, including the importance of maintaining strong levels of liquidity and relationships with financial regulators.
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LendingClub Names WaMu Veteran as Finance Chief
Unlike a bank, LendingClub lacks the deposits to fund the loans it makes and relies on retail households, institutional investors and other third parties to supply that financing. Mr. Sanborn said in an interview that he recruited Mr. Casey to LendingClub to help him lay out a strategic vision for the company over the next five years and beyond, including when and how to expand into new initiatives. “We have a lot of pretty exciting opportunities, all of which stand a chance of being meaningful and large,” he said.
