Submitted by Achim, Sep 15, 2008 21:00

Herb Allison's tenure at TIAA-CREF is marked by three major series of events: 1. He fired most of the higher-paid but experienced staff, replacing them with cheap inexperienced people. The big savings hid placing cronies in executive positions at salaries an order of magnitude higher than those they replaced. 2. As a result customer service collapsed. 3. Also, investment performance collapsed. None of the products had good performance under Mr. Allison.

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