Wall Street's Takeover Of Peer-to-Peer Lending Almost Complete

Big banks are excellent at creativity and innovation, some of it a legitimate component of the business that helps the economy, and creativity in other areas has proven to be less than beneficial to the economy and market security. This includes finding and exploiting regulatory cracks and arbitrage opportunities, as a recent Financial Times piece observed, applying a sense of historical reflexivity to the recent dominance of the peer-to-peer lending revolution by banks and hedge funds. With peer-to-peer lending, sharp-eyed readers might feel a sense of déjà vu “Sharp-eyed readers might feel a sense of déjà vu,” Gillian Tett, U.S. managing…