MetLife to challenge 'too-big-to-fail' tag

[Omaha Steve]

Source: AP-Excite

NEW YORK (AP) — MetLife is challenging its government designation as a company that is "too big to fail" because it would pose such a risk to the economy.

The designation brings with it stricter guidelines from federal overseers and the company says, exorbitant costs.

The life insurance company said Tuesday that it will file with the U.S. District Court for the District of Columbia to overturn the Financial Stability Oversight Council's designation of the New York company as a non-bank, systemically important financial institution.

Companies deemed "systemically important" are obligated to increase the money held in reserve to protect against huge losses, limit their use of borrowed money and submit to inspections by Fed examiners.

FULL story at link.


Read more: http://apnews.excite.com/article/20150113/us--metlife-too_big_to_fail-2d16a9bc03.html

[Jackpine Radical]

1. Cool by me.

This means they get not one red cent from the Gubmint the next time they run their corporation into the wall, right?

And maybe they should be about paying us back for what they scammed us out of last time.

[christx30]

3. +1 n/t

[elleng]

2. It's interesting, on the subject of too big,

MetLife implements the Federal Government Employees' Life Insurance program. http://www.opm.gov/healthcare-insurance/life-insurance/reference-materials/publications-forms/fegli-handbook/

I didn't know this until, after my husband's death, I had to help his beneficiaries (our daughters and others) to receive their benefits.

[jtuck004]

4. Not unless they split up. Because this will remove oversight, and leave them free to pursue bad

business practices.

Then, when they fail, and they will, we will bail them out, if we are still enriching criminals and living on the backs of the more vulnerable by then. And they know that.

[McCamy Taylor]

5. Any insurance company should be "too big to fail." Otherwise, they steal our premiums

and they waltz off into the sunset without paying the bills.

[RobinA]

6. Yep...

Prudential, also too big to fail, has my long term care insurance. One big worry of mine has been that they will go down before I need long term care and take my premiums with them. I was thrilled to learn they were too big to fail. I've seen too many people lose insurance and pensions they thought they had. A service they thought they had purchased.