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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Picks Banking Executive to Lead Social Security Administration
https://www.nytimes.com/2024/12/04/us/politics/frank-bisignano-social-security.htmlTrump 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 Agencys 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 employees salary at his firm, First Data Corporation, which later merged with Fiserv.
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rsdsharp
(10,287 posts)What could fucking possibly go wrong!?
WE LIKE OUR REGULAR MEDICARE AND DO NOT WANT ADVANTAGE WHICH HAS A REPUTATION FOR DENIAL CLAIMS AND PROCEDURES.
karynnj
(60,014 posts)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
(1,645 posts)Norbert
(6,614 posts)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
(11,076 posts)It's obvious that's going to be his job with the SSA.
NBachers
(18,195 posts)Historic NY
(38,045 posts)Social Security savings accounts. (401k)s
Lonestarblue
(11,983 posts)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
(5,724 posts)I worked for and with Fiserv for years. Frank has done a pretty good job running the company. I could be wrong, but I dont seem him gutting SSI.
dalton99a
(84,881 posts)compared to his previous salary
Buckeyeblue
(5,724 posts)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
(96,812 posts)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
(8,767 posts)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
(59,700 posts)He has no power on his own.
maxsolomon
(35,358 posts)He's not Gaetz-level bad I suppose.
RANDYWILDMAN
(2,931 posts)in compensation. WTF are you kidding me. of course this guy can relate to people who survive on 1k per month on SS
kimbutgar
(23,612 posts)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
(403 posts)Hekate
(95,287 posts)lame54
(37,206 posts)If not why is Trump interested in him?
New Breed Leader
(723 posts)nm
Evolve Dammit
(19,063 posts)Linda ladeewolf
(492 posts)To plunder the social security fund?
bamagal62
(3,688 posts)so he will go in there with a friggin' machete. a bit concerning.
Autumn
(46,664 posts)invest in some body armor.