Econintersect: A leading insurance industry website has reported that Prudential (NYSE:PRU) is close to being classified as a SIFI (systemically important financial institution). If the process is completed Prudential will join the mega banks, MetLife (NYSE:MET) and AIG (NYSE:AIG) as an official TBTF (too big to fail) corporation. LifeHealthPro also said that The Hartford (NYSE:HIG) is also being considered for the SIFI classification. The classification is made by the FSOC (Financial Stability Oversight Council), a group comprised of the Fed Chairman, the Secretary of the Treasury, the head of the FDIC and seven additional members.
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Written by Hilary Barnes
The policies of the government since the Socialist Party's Francois Hollande became president of France in May do not make business leaders "feel that France is the place you want to be," the head of GE's European operations, Nani Beccalli (pictured) told the right-leaning Paris newspaper Le Figaro (October 22).
GE has 11,000 employees in France, including 5,700 at eight factories. Mr Beccalli said GE is not about to reconsider these investments, but would be "very cautious" about making new investments in France.