Trump Taps Fiserv CEO Bisignano for Social Security Chief

[BumRushDaShow]

Source: Yahoo! News/Bloomberg

Wed, December 4, 2024 at 9:35 PM EST


(Bloomberg) -- President-elect Donald Trump is nominating Frank Bisignano, the chief executive officer of fintech and payments company Fiserv Inc., to be the commissioner of the Social Security Administration.

“Frank is a business leader, with a tremendous track record of transforming large corporations. He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!,” Trump said in a post to his Truth Social network on Wednesday.

Bisignano is a veteran of JPMorgan Chase & Co., where he served as co-chief operating officer and chief executive officer of mortgage banking, and before that Citigroup Inc. He left Wall Street to lead First Data Corp., a payments processor, undertaking a series of deals and leading the firm through an initial public offering in 2015.

Fiserv acquired First Data for $22 billion in 2019, a financial merger that created a payments processing giant. Bisignano led the combined company first as president and chief operating officer before becoming CEO in July 2020 and chair of the board in May 2022, according to his biography on Fiserv’s website.

Read more: https://www.yahoo.com/news/trump-taps-fiserv-ceo-bisignano-023514102.html

[bucolic_frolic]

1. Congratulations! Your payments have been cut to $35 a week

to ensure solvency until A.D. 2500. Don't spend it all in one place.

[I_UndergroundPanther]

2. I hate trump

Just as much as he hates the poor and disabled in this country.

[Bengus81]

3. As a CEO he was paid $28M in 2023. He's made as much as $100M other years.....

Now there's a guy that will care about Social Security for the generations to come.......

[Midnight Writer]

4. Wonder why a CEO worth billions would want to take a relatively low-paying government appointment?

I doubt it is because he wants to help common folk.

[quaint]

5. I can live fifteen months without Social Security.

Whoopie!

[Karasu]

6. Just what we need. Another fucking "business leader."

[PSPS]

7. LOL. A fintech guy.

A fintech takes people's investments and then deposits it, all mixed together, with real banks. The real bank has no idea which money belongs to which investor. Only the fintech knows.

The fintech's ads imply that they are banks when they're not banks. They say deposits are "FDIC Insured" which they are, but only at the real bank, not the fintech.

So, when the fintech goes insolvent due to bankruptcy or the CEO being imprisoned for fraud (i.e., using investors' money to finance their lifestyle with the usual things like buying islands, luxury cars, high-end hookers, etc.,) the real bank can't do anything with what money is left in the fintech's accounts, so the "investors" lose all of their money.

So, this trump nomination fits in with all the other ones. Unqualified? Check! Involved in a shady business? Check! I presume we can also check off "large cash payment to trump" and "flattering conversation with lots of 'sirs'".

[sakabatou]

8. Just what we need: another person unqualified for the job

[Prairie Gates]

9. I'm sure he will be a careful steward of our lifetime payments

Just kidding. Nobody under 55 is seeing a dime of Social Security. Good job MAGA dummies.

[C0RI0LANUS]

10. Just another oligarch-goniff.

Frank Bisignano escaped the below lawsuit against him. There is something suspicious about him and Palantir which I'm still investigating.

Links:


https://www.njcourts.gov/system/files/court-opinions/2019/a1718-17.pdf

https://www.americanbanker.com/news/a-breach-from-within-why-jpmorgan-fired-lead-security-staffer

https://finance.yahoo.com/news/security-guy-jpmorgan-spied-employees-195048331.html