The New Wolves of Wall Street

The New Wolves of Wall Street

By Michael Maiello on Sat, 10/21/2017 - 11:06am |

I remember TIAA as a white hat firm. No more.

URL:

https://www.nytimes.com/2017/10/21/business/the-finger-pointing-at-the-finance-firm-tiaa.html

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Comments

here's the real culprit as I see it, 1997, forced into a whole new ball game:

[....] In 1997, Congress revoked the company’s nonprofit status as part of a tax reform bill, saying the status gave TIAA an unfair advantage over other companies. This meant TIAA’s costs would rise significantly because it would have to pay taxes.

Still, TIAA’s management said, the change would allow it to pursue investment opportunities it had not been able to engage in as a tax-exempt entity [....]

by artappraiser on Sat, 10/21/2017 - 2:24pm