Posted on 08/01/2009 12:24:36 PM PDT by LRoggy
Outrage: How Obama Supporters TIAA-CREF Is Screwing This American
TIAA-CREF (Teachers Insurance and Annuity Association - College Retirement Equities Fund) is one of the largest financial services companies in the United States, with $398 billion in assets under management as of September 30, 2008.
On June 28, 2007, the California State Teachers' Retirement System (CalSTRS) announced its selection of TIAA-CREF as the sole investment provider for its supplemental retirement savings programs. CalSTRS is the second-largest public pension plan and the largest teachers' retirement fund in the United States.
Given that the overwhelming majority of teachers and college professors have their retirement money managed by this organization, and that the majority of those investors are Union members and Barack Obama supporters, then these investors/voters have a lot to answer for in the way their retirement funds are invested and the failure of TIAA-CREF’s own corporate governance to be followed.
I am writing this to show you the lengths of hypocrisy that Barack Obama’s political allies have taken to.
If you visit the homepage of TIAA-CREF’s website and look through their governance you will see that they pride themselves on following the construct and philosophy of Socially Responsible Investing (‘SRI’). That philosophy is based on:
1. Socially screened investment options that enable investors to align their portfolios with their values
2. Shareholder advocacy through the global promotion of sound corporate governance practices
3. Community investing to help meet specific local needs
It is that third bullet point that is so egregiously being violated.
I, like many Americans today, are struggling to pay the bills. Unemployment, a nasty divorce that drained all my savings and a slowly rebuilding professional life have combined to make me one that can eventually pay all my bills, but not necessarily on time for a monthly cycle. By that I mean I can pay the bills within the 30 day period, but until I can make some more money and get ahead of the payment cycle, I will be late on a few things each month, although by late I mean about three weeks late, not a full month or two behind.
After losing my house to foreclosure due to the divorce, I moved into a rental apartment in a community in Boca Raton named Arbor Club. It is just like so many rental communities one moves to, with cramped quarters, normal amenities and a rental payment of about $1200 per month.
I had to make the June 2008 payment late (around the 21st of the month) and made the payment with the late fee required. The community gave me the normal late payment notice that many of us have seen in the past when in the same situation. No other mention of it was made and I thought everything was okay. One of the office employees lived two doors down from me and if something were remiss I thought she might just knock on the door and let me know.
In the last month I also had to make the payment late, and on the 26th of July I dropped off the rent payment at the office drop box. I then monitored my bank account to make sure the check was processed. On Friday, the 31st, I had to stop by the office to get the new gate access pass, as the gates have been finally been installed.
When I went into the office I was given a strange look by the woman who was my neighbor. She hinted that I had ‘not been doing what I was supposed to do’. I asked her what she meant and she dropped a bombshell on me: I was being served with an eviction notice! I was stunned and obviously quite worried. An eviction notice for being 3 weeks late with the rent?
She told me to go into the office manager and talk to her about the situation. The office manager explained to me that by making these payments late I was in violation of my lease and that I was being served eviction papers and had to pay legal fees. I pointed out that I had made my July payment already. She went to the files and pulled out my check, which she had not fully processed and told me I had to get a cashier’s check instead and had to pay both July and August that way within 2 weeks or the eviction would proceed.
She then handed me back my check and as I looked at it I noticed it had been stamped on the back for deposit. I queried her about that and she said they do that with all of the checks to keep them from being stolen. On the back of the check was stamped:
Pay to the order of Fleet Bank, Hartford, Ct . . . an account number and For Deposit Only, and then the magic words.
TIAA-CREF, Lincoln Property Company
A quick check revealed that my development was owned by TIAA-CREF, which means that I was being evicted for the benefit of the retirement pension plan of the Teachers Unions that indirectly owned my development.
Yes, that’s right. The same political allies of Barack Obama’s administration, the same administration that is using my tax dollars to try to force banks to go through hoops to keep people in their current housing situation, is trying to force me out of my rental for the ‘crime’ of paying three weeks late!
Does this meet the stink test of the third tenet of Socially Responsible Investing, as promulgated by TIAA-CREF’s own governance?
How does this organization square its treatment of me, and others like me, when its own political allies are willing to re-write contract law for its favored views of fairness?
And where is the fairness here TIAA-CREF?
I know that I am not a model citizen for many readers of this in that I am not able to completely honor my obligations on time. I’m sure some of the readers of this will not have sympathy for my plight, but at some point common sense and fairness need to play out.
Do I have any recourse? I can’t afford to pay for an attorney to defend me and the court date for eviction has already been placed on the docket.
Readers, what do I do? And can we find a way to publicize this rank hypocrisy?
TIAA-CREF (Teachers Insurance and Annuity Association - College Retirement Equities Fund) is one of the largest financial services companies in the United States, with $398 billion in assets under management as of September 30, 2008.
On June 28, 2007, the California State Teachers' Retirement System (CalSTRS) announced its selection of TIAA-CREF as the sole investment provider for its supplemental retirement savings programs. CalSTRS is the second-largest public pension plan and the largest teachers' retirement fund in the United States.
Given that the overwhelming majority of teachers and college professors have their retirement money managed by this organization, and that the majority of those investors are Union members and Barack Obama supporters, then these investors/voters have a lot to answer for in the way their retirement funds are invested and the failure of TIAA-CREF’s own corporate governance to be followed.
I am writing this to show you the lengths of hypocrisy that Barack Obama’s political allies have taken to.
If you visit the homepage of TIAA-CREF’s website and look through their governance you will see that they pride themselves on following the construct and philosophy of Socially Responsible Investing (‘SRI’). That philosophy is based on:
1. Socially screened investment options that enable investors to align their portfolios with their values
2. Shareholder advocacy through the global promotion of sound corporate governance practices
3. Community investing to help meet specific local needs
It is that third bullet point that is so egregiously being violated.
I, like many Americans today, are struggling to pay the bills. Unemployment, a nasty divorce that drained all my savings and a slowly rebuilding professional life have combined to make me one that can eventually pay all my bills, but not necessarily on time for a monthly cycle. By that I mean I can pay the bills within the 30 day period, but until I can make some more money and get ahead of the payment cycle, I will be late on a few things each month, although by late I mean about three weeks late, not a full month or two behind.
After losing my house to foreclosure due to the divorce, I moved into a rental apartment in a community in Boca Raton named Arbor Club. It is just like so many rental communities one moves to, with cramped quarters, normal amenities and a rental payment of about $1200 per month.
I had to make the June 2008 payment late (around the 21st of the month) and made the payment with the late fee required. The community gave me the normal late payment notice that many of us have seen in the past when in the same situation. No other mention of it was made and I thought everything was okay. One of the office employees lived two doors down from me and if something were remiss I thought she might just knock on the door and let me know.
In the last month I also had to make the payment late, and on the 26th of July I dropped off the rent payment at the office drop box. I then monitored my bank account to make sure the check was processed. On Friday, the 31st, I had to stop by the office to get the new gate access pass, as the gates have been finally been installed.
When I went into the office I was given a strange look by the woman who was my neighbor. She hinted that I had ‘not been doing what I was supposed to do’. I asked her what she meant and she dropped a bombshell on me: I was being served with an eviction notice! I was stunned and obviously quite worried. An eviction notice for being 3 weeks late with the rent?
She told me to go into the office manager and talk to her about the situation. The office manager explained to me that by making these payments late I was in violation of my lease and that I was being served eviction papers and had to pay legal fees. I pointed out that I had made my July payment already. She went to the files and pulled out my check, which she had not fully processed and told me I had to get a cashier’s check instead and had to pay both July and August that way within 2 weeks or the eviction would proceed.
She then handed me back my check and as I looked at it I noticed it had been stamped on the back for deposit. I queried her about that and she said they do that with all of the checks to keep them from being stolen. On the back of the check was stamped:
Pay to the order of Fleet Bank, Hartford, Ct . . . an account number and For Deposit Only, and then the magic words.
TIAA-CREF, Lincoln Property Company
A quick check revealed that my development was owned by TIAA-CREF, which means that I was being evicted for the benefit of the retirement pension plan of the Teachers Unions that indirectly owned my development.
Yes, that’s right. The same political allies of Barack Obama’s administration, the same administration that is using my tax dollars to try to force banks to go through hoops to keep people in their current housing situation, is trying to force me out of my rental for the ‘crime’ of paying three weeks late!
Does this meet the stink test of the third tenet of Socially Responsible Investing, as promulgated by TIAA-CREF’s own governance?
How does this organization square its treatment of me, and others like me, when its own political allies are willing to re-write contract law for its favored views of fairness?
And where is the fairness here TIAA-CREF?
I know that I am not a model citizen for many readers of this in that I am not able to completely honor my obligations on time. I’m sure some of the readers of this will not have sympathy for my plight, but at some point common sense and fairness need to play out.
Do I have any recourse? I can’t afford to pay for an attorney to defend me and the court date for eviction has already been placed on the docket.
Readers, what do I do? And can we find a way to publicize this rank hypocrisy?
Sorry for the double post, I messed up!!
I have sympathy for anyone going through a tough stretch. If your landlord was someone other than the well connected TIAA-CREF, raising a stink might help in the long run, but if you’re not politically connected in the right way, might accelerate your eviction in the short term.
On the other hand, it is probably a long way down the food chain from TIAA-CREF to the property management company that handles your apartment. In that case, a fuss might raise embarrassment focused on the management company, for not exhibiting a reasonable level of compassion.
I’m not a lawyer, but I have to wonder... wouldn’t eviction proceedings take a while, and wouldn’t documentation of your payments work in your favor? In some states, regardless of the fine print in the lease, it would be tough to kick you out for the technical transgressions your property manager is claiming.
Maybe someone else with practical legal knowledge can weigh in on the thread.
I actually have some political friends. I am friendl;y with Adam Hasner, my state legislator and I am going to send him a copy of this.
Isn’t this the same group that heavily sponsors NPR?
*
Pay your rent on time.
You were not evicted, you were given a chance to get current.
I have 401k money invested with TIAA-CREF from my days being a lecturer. You are right TIAA-CREF does offer a “Socially Responsible” fund but it is only one of many options. My money is split between a fund that mimics the overall stock market, small cap fund and an international fund. These funds do not use “social” screens. Although that does not stop some wacky Moonbat professors from proposing proxies to force all the funds not to invest in certain industries, tobacco and weapons manufacturers being the prime targets. These proposals are opposed by the managers and trustees and voted down by overwhelming majorities.
One major thing I like about TIAA-CREF is their very low management fees, which are usually much lower than other mutual fund companies except for perhaps Vanguard.
The property developer you had problems with is owned by TIAA-CREF through its REIT which owns a large portfolio of properties. I doubt TIAA-CREF itself has any day-to-day control over how the properties are managed.
First Point: Don't take the eviction notice personally. It is standard operating procedure. If you don't like it get an individual landlord like me who understands and is kind but gets snookered more often than not.
Second point. What does community investing to help meet specific local needs mean? It means what ever they want it to mean at the time they say it. It is a feel good statement for the libs in the organization.
It’s hard to comment on your situation, because Florida has some very odd housing laws compared to other States. For this reason, I would suggest checking State law ASAP, as it probably will impact on this one way or another.
My daughter was served notice of eviction for being 3 DAYS late....since payday landed a bit after the 1st. They're doing this all over.
Suggestion? Until you can catch up on your bills......you might find a small efficiency apt or go to Roommates.com and get hooked up with someone who travels and will trade some rent for house-sitting.
I found several "roommates" who had large, beautiful homes w/pools, etc.....wanting 300-400/mo to rent a furnished room (with full run of the house) because they traveled and just needed someone to be there.
Do what you have to do. The stress of being late on your bills month after month....isn't worth it.
TIAA Cref is crap and their investment & retirment plans are even worse. I think the development is foolish to evict considering the rental market nationawide is syffering.
Did they give you notice? I am not sure about the eviction backlog but foreclosures are 2 years behind.
Good suggestion. People with a home are struggling and you might find someone where it would work out. Maybe a senior lady.
I have zero sympathy for someone who doesn’t pay their bills on time. And to make it worse, you did nothing to tell them ahead of time that you would be late. Maybe you should move into an apartment that you can afford so you don’t damage your credit rating further.
I also have no problems with a company that allows their clients to pick and choose their own retirement portfolio. If people want to invest in solar panel companies or windmills or vegetarian food producers, they should be free to do so.
I’m surprised you are paying $1200 a month to rent an apartment. THat is only about $100 less than my monthly Mortgage payment on a 4-bedroom house.
I would think with all the foreclosures and people struggling that you could find a rental house somewhere in Florida for less than $1200 a month, since you sound like you only need one bedroom.
I’m guessing that with all the deadbeats around, rental companies are not wasting time anymore with evictions, since they take weeks or months and cost a lot of money.
They were probably required to inform you directly of your eviction, but you might as well pay up and start paying on time and then you won’t have this problem.
You are one of the sheep that followed along whe the NEA made TIAA-Cref their retirement pension provider. I recall about 10 years ago, a teacher I knew wanted to withdraw all of her money frm a TIAA-Cref account. They refused to let her have her money. She sued and won, but it took years. TIAA-Cref is crap, but you fell for it when your union embraced them full tilt. And now you wonder? Too bad you weren’t smart enough to determine this years ago. You deserve this - your memebership in the union set you up.
What are you talking about? I’m not a teacher or a union member.
TIAA-CREF owns the development that is trying to evict me, while supporting efforts to reduce mortgage principal and monthly payments to those people that bought too much house.
How can you misread this post so badly?
The way I see it TIAA CREF lived up to their tenets. They were protecting their investment by evicting a non paying renter. Legally they can evict you 3 days after non payment so they gave you a break twice.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.