This used to be an excellent company until some financial ‘wizard’ ceo destroyed it a few years back. Workers were looked after. No more. Now it’s about profit, saving money. Cutting jobs, sending work to India. Horrible.
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When will the participants wake up to the games being played with the surplus notes? They have diluted their participant's equity by 16%. That $6.23 Billion needs to be paid back......with interest. That is a lot of money that will go to the holders of the surplus notes and NOT to participants. Of course, it doesn't affect the TIAA executives because their salary and benefits are all considered operating costs and are not directly affected by net profits/losses. Look up the definition of surplus notes. They are a financial trick! 6.25 Billion in bond proceeds that can be counted as assets but the principal and interest don't have to be listed as debits?!! Its a misleading representation of the financial position of the company. Surprise, surprise.