Institutional memory
Ninety-year-old TIAA-Cref is one of the US’s oldest providers of retirement services and came into the financial crisis with experience of past crises galore. But did history help it when the crunch bit, and how will its business model learn from this experience? Laurie Carver reports
After a net loss of $4.1 billion (£2.4 billion) over the 18 months to June 30, the Teachers Insurance and Annuities Association of America’s (TIAA) life insurance subsidiary, TIAA-Cref, saw its revered AAA debt rating from Moody’s stripped away at the beginning of October, while Standard & Poor’s put the company on watch for a downgrade. Moody’s saw the losses – much of them as a result of structured credit and real estate instruments that have dogged the financial sector over the crisis – as
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