AIG, GE, Prudential Get More Time For Living-will Plans

Regulators on Wednesday gave three of the biggest U.S. financial firms, American International Group Inc., , General Electric Capital Corp. and Prudential Financial Inc. an additional five months to submit their living-will plans. The plans, required under Dodd-Frank, are intended to solve the too-big-to-fail problem. The financial firms must lay out their strategy for how they would wind down in the event of severe financial distress or failure without sparking a taxpayer bailout or a financial crisis. The plans, the second from each company, had been due on July 1 but now can be submitted by Dec. 31, according to a notice from the Federal Reserve and the Federal Deposit Insurance Corp.