Trump Taps Fiserv CEO Bisignano for Social Security Chief

[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'".