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BumRushDaShow

(144,213 posts) Thu Dec 5, 2024, 08:20 AM Dec 5

Trump Taps Fiserv CEO Bisignano for Social Security Chief

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

10 replies

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Highlight:

Trump Taps Fiserv CEO Bisignano for Social Security Chief (Original Post) BumRushDaShow Dec 5 OP

Congratulations! Your payments have been cut to $35 a week bucolic_frolic Dec 5 #1

I hate trump I_UndergroundPanther Dec 5 #2

As a CEO he was paid $28M in 2023. He's made as much as $100M other years..... Bengus81 Dec 5 #3

Wonder why a CEO worth billions would want to take a relatively low-paying government appointment? Midnight Writer Dec 5 #4

I can live fifteen months without Social Security. quaint Dec 5 #5

Just what we need. Another fucking "business leader." Karasu Dec 5 #6

LOL. A fintech guy. PSPS Dec 5 #7

Just what we need: another person unqualified for the job sakabatou Dec 5 #8

I'm sure he will be a careful steward of our lifetime payments Prairie Gates Dec 5 #9

Just another oligarch-goniff. C0RI0LANUS Dec 6 #10

bucolic_frolic

(47,595 posts)

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

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 08:28 AM

Dec 5

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

I_UndergroundPanther

(12,952 posts)

2. I hate trump

Reply to bucolic_frolic (Reply #1)

Thu Dec 5, 2024, 08:49 AM

Dec 5

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

Bengus81

(7,496 posts)

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

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 08:51 AM

Dec 5

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

Midnight Writer

(23,131 posts)

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

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 08:51 AM

Dec 5

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

quaint

(3,651 posts)

5. I can live fifteen months without Social Security.

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 08:54 AM

Dec 5

Whoopie!

Karasu

(368 posts)

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

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 04:08 PM

Dec 5

PSPS

(14,195 posts)

7. LOL. A fintech guy.

Reply to BumRushDaShow (Original post)

Thu Dec 5, 2024, 06:32 PM

Dec 5

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'".