NEW YORK (AP) — General Electric Co. asked the U.S. to drop the "too big to fail" tag for GE Capital, saying that its financing operations are a shadow of what they were when the Federal Reserve placed it under strict oversight in the aftermath of the global economic crisis almost a decade ago.
GE Capital was listed a "systemically important financial institution," by the Financial Stability Oversight Council following the financial collapse of 2008, a company deemed to be so large and entwined with the U.S. financial system that it could threaten the entire economy if it failed.
In January, however, AIG said it would sell its broker-dealer segment, start an initial public offering for its mortgage-insurance division and slash expenses after coming under pressure from activist investor Carl Icahn.
GE was also under intense pressure before it began to cast off financial assets, focusing instead on industrial technologies, including jet engines, turbines, medical equipment and energy infrastructure.
