Trump Picks Banking Executive to Lead Social Security Administration

[dalton99a]

https://www.nytimes.com/2024/12/04/us/politics/frank-bisignano-social-security.html

Trump Picks Banking Executive to Lead Social Security Administration
Frank Bisignano has spent his career at major Wall Street banks. He has a long history of political giving, mainly to Republicans.
By Minho Kim
Dec. 4, 2024, 10:08 p.m. ET

President-elect Trump announced on Wednesday night that he had chosen Frank Bisignano, the chairman of the payment processing behemoth Fiserv, to be the commissioner of the Social Security Administration, a sizable federal agency with more than 1,200 field offices and almost 60,000 employees.

“Frank is a business leader, with a tremendous track record of transforming large corporations,” the president-elect said in a post on social media. “He will be responsible to deliver on the Agency’s commitment to the American People.”

Mr. Bisignano vaulted into one of the most coveted positions in the New York finance world in his late 20s as a senior vice president of what was then known as Shearson Lehman Brothers, the investment bank whose collapse in 2008 helped set off a global recession. After nearly five years at the bank in the late 1980s, he moved to other major Wall Street banks, first to Morgan Stanley, then to Citigroup and then JPMorgan Chase & Company.

Mr. Bisignano was listed as the second-highest-paid chief executive in the country in 2017, one of the few to have been compensated more than $100 million that year and to have received more than 2,000 times the average employee’s salary at his firm, First Data Corporation, which later merged with Fiserv.

...

[rsdsharp]

1. Oh, goody! The guy from the bank that took us to the brink in 2008, will be the guy to privatize social security.

What could fucking possibly go wrong!?

[vapor2]

2. EVERYTHING

WE LIKE OUR REGULAR MEDICARE AND DO NOT WANT ADVANTAGE WHICH HAS A REPUTATION FOR DENIAL CLAIMS AND PROCEDURES.

[karynnj]

11. It is interesting that the NYT wrote that part as they did,

obviously wanting to suggest that his early years there in the late 1980s were related in some way to practices that in 2007/2008 caused the crash.

From memory, that firm's vulnerability was that they stretched too much leading to failure. The question might be whether their aggressive practices were there as far back as the late 1980s and whether in later jobs he was a proponent of them.

In the wake of 2008, one thing that worried many of us was that the wall between banks and investment houses that was put in place by FDR and repealed in the late 1990s made the entire financial system vulnerable. Dodd Frank tried to partially correct this, but I don't know what the current situation is.

I suspect that the writer explained his past as he did to alert readers that "senior banking executive" could be more investment banker than the staid image a banker would have implied in earlier decades.

Appointing someone wanting to give more money to Wall Street to "invest" should be questioned by anyone who held stock in 2008 and needed access to it before the Obama administration stabilized the market.

[chicoescuela]

3. A man of the people and modest means. Na, I'm not concerned

[Norbert]

4. This reminds me of the film and play, The Producers

Bialystock and Bloom would collaborate and figured the best way to make money and fleece their investors was to produce a flop, including hiring the most inept people to assure a flop.

The best way for trump to come out of this with a lot of money is to hire inept loyalists. With no guardrails, a flop of an administration would be assured. The only difference is, when this happens, the blame will be placed on everyone but him, Biden, Jeffries, the blue states, illegal immigrants and woke.

[LudwigPastorius]

5. Of course Trump hired a guy who helped steer the company he worked for into oblivion.

It's obvious that's going to be his job with the SSA.

[NBachers]

6. Great - now he can collapse the entire Social Security & Medicare system. Thar's money to be had in them thar accounts!

[Historic NY]

7. The giant sucking sound you hear will be your entitlement, that you earned.

Social Security savings accounts. (401k)s

[Lonestarblue]

8. I expect many of attempts to undermine Social Security.

Business executives hate Social Security because it is a straightforward tax they cannot avoid paying, as they can with income tax loopholes. It would not surprise me to see Republicans try to force all the funding for SS onto taxpayers by removing the business part of the tax, cutting benefits, firing all the SSA employees and hiring a private corporation to “manage” the program at a cost of exorbitant fees that will cost far more than the current employees’ salaries and benefits but will be sold as a cost-saving plan, just like Advantage programs were to save money but now cost far more than original Medicare.

[Buckeyeblue]

9. Frank is actually pretty smart

I worked for and with Fiserv for years. Frank has done a pretty good job running the company. I could be wrong, but I don’t seem him gutting SSI.

[dalton99a]

10. Why do you think he accepted the job? The pay is peanuts

compared to his previous salary

[Buckeyeblue]

12. I wondered that too. Probably mostly ego

He doesn't need the money. Maybe the timing is right for him to step away from Fiserv.

Or maybe he thinks he can add value.

[JohnSJ]

13. He is a trumper, and he WILL do what trump wants him to do, and that will include privatizing Social Security. You

already have musk pushing exactly what they want to do, and frank will fall right in line, otherwise he would not have been appointed.

https://www.yahoo.com/news/column-gop-musk-unveil-threat-221131683.html

I fail to understand why some do not believe that the sociopath will do what he said he would during the campaign.

[Montauk6]

25. Maybe it was a clever strategy after all...

LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE makeapromiseaboutpolicy LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE LIE get elected, make Cabinet choices set to enact said policies.

So, the idiots figure, "He's not going to enact those policies, he lies all the time."

[Irish_Dem]

14. If he wants to stay on the job, he does what Trump tells him to do.

He has no power on his own.

[maxsolomon]

19. He supports fuckface DJT, so he's got some holes in his intelligence.

He's not Gaetz-level bad I suppose.

[RANDYWILDMAN]

15. 100 million a year

in compensation. WTF are you kidding me. of course this guy can relate to people who survive on 1k per month on SS

[kimbutgar]

16. So is this guy going to cause the collapse of social security and turn over the money we pay every year

To Wall Street to gamble with and cause the social security system to become privatized and destroyed.

Just when I think his nominees are bad he picks another crook?

FU to any maga who voted for the orange Hitler 2.0 who depends on social security administration

[maspaha]

17. What could possibly go wrong with his "leadership"? 🤦🏼‍♀️

[Hekate]

18. Can Orange Mussolini pick 'em or what?

[lame54]

20. Has he been indicted for embezzlement?...

If not why is Trump interested in him?

[New Breed Leader]

21. oh god :(

nm

[Evolve Dammit]

22. The Oligarchy has begun. Actually began some time back, but this marks a new chapter.. Fuck em

[Linda ladeewolf]

23. Someone skilled enough

To plunder the social security fund?

[bamagal62]

26. He was Jamie Dimon's hatchet man....

so he will go in there with a friggin' machete. a bit concerning.

[Autumn]

24. The mood of the country and in light of what happened to the UH CEO this guy might want to

invest in some body armor.