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pathfinder

Say It Isn't So....

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OH MY, say it aint so. The mighty at TC may be taking some falls. i guess fraud can be found most anywhere! cutting and pasting for your pleasure!

 

AP

TIAA-CREF's CFO May Face SEC Charges

Tuesday May 10, 6:36 pm ET

TIAA-CREF's CFO May Face SEC Charges Over Former Job at Berkshire Hathaway Insurance Company

 

 

NEW YORK (AP) -- Pension-fund giant TIAA-CREF Tuesday said its chief financial officer, Elizabeth Monrad, is taking an unpaid leave of absence after receiving word from regulators that she may face charges over her previous work at one of Berkshire Hathaway Inc.'s insurance companies.

 

Monrad, who asked for the leave, received a so-called Wells notice from the Securities and Exchange Commission, a sign that she will likely face charges she violated securities law.

 

Monrad couldn't immediately be reached for comment.

 

Monrad was the CFO of General Reinsurance Corp., which is under investigation over a possibly improper transaction with American International Group Inc.

 

Monrad joined TIAA-CREF, best known for handling pensions and insurance for teachers, as executive vice president and CFO in June 2003.

 

Before that, regulators believe she and a current General Re executive, Richard Napier, took part in a 2000 meeting with AIG officials that ultimately led to the reinsurance transaction being investigated by the SEC. Regulators contend the transaction, dealing with what's known as finite-risk reinsurance, was accounted for improperly.

 

The investigation has already touched some of the biggest names in finance, contributing to the March resignation of longtime AIG chief Maurice R. "Hank" Greenberg and the questioning of Berkshire Chairman Warren Buffett. Regulators have said Buffett is a witness, not a target, in the investigation.

 

On Friday, Berkshire announced that a current, unnamed executive had received another Wells notice.

 

Berkshire has maintained that its officials have cooperated fully with investigators from the SEC, the Department of Justice and the attorneys general of New York and Virginia.

 

TIAA-CREF is known as a fairly active and vocal investor which pushes its portfolio companies to improve their governance and accounting practices. The announcement that Monrad was taking her leave came less than a week after an outside investigator cited a number of missteps in its handling of conflicts of interest between members of its own board and its former outside auditor, Ernst & Young. That report, which also called for a revamping of TIAA-CREF's own governance structure, was unrelated to Monrad's leave.

 

TIAA-CREF said it had named Russell Noles acting CFO. Noles previously was in charge of TIAA-CREF's internal audit.

 

 

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Guest TR1982
I guess it's hard to find honest help who formerly worked for an insurance company and/or AIG...TC deserves to be sent to the shed for a "whoppin" for their foolishness...

 

 

Be careful how you stereotype people and firms here. This can get ugly real quick. Remember people like Mary Kay LaTourneau.

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TR1982...I didn't mean to imply that every employee is a crook, nor that insurance is just another way to capitalize on fear for the benefit of the top management, nor that every annuity salesman is compromising their own integrity when they present their little savings speals...no, rather, I am suggesting that...well, I am suggesting something else...I think.....Dan

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Guest TR1982

Yes, I can tell. I guess the rest of us out in the world will have to make our own determination regarding the values, motives and behavior of teachers. Hopefully, we won't rush to judgement and assume that one bad apple spoils the whole bunch.

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