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dalton99a

(84,881 posts)
Wed Dec 4, 2024, 11:28 PM Dec 4

Trump Picks Banking Executive to Lead Social Security Administration

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.

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Trump Picks Banking Executive to Lead Social Security Administration (Original Post) dalton99a Dec 4 OP
Oh, goody! The guy from the bank that took us to the brink in 2008, will be the guy to privatize social security. rsdsharp Dec 4 #1
EVERYTHING vapor2 Dec 4 #2
It is interesting that the NYT wrote that part as they did, karynnj Dec 5 #11
A man of the people and modest means. Na, I'm not concerned chicoescuela Dec 4 #3
This reminds me of the film and play, The Producers Norbert Dec 4 #4
Of course Trump hired a guy who helped steer the company he worked for into oblivion. LudwigPastorius Dec 5 #5
Great - now he can collapse the entire Social Security & Medicare system. Thar's money to be had in them thar accounts! NBachers Dec 5 #6
The giant sucking sound you hear will be your entitlement, that you earned. Historic NY Dec 5 #7
I expect many of attempts to undermine Social Security. Lonestarblue Dec 5 #8
Frank is actually pretty smart Buckeyeblue Dec 5 #9
Why do you think he accepted the job? The pay is peanuts dalton99a Dec 5 #10
I wondered that too. Probably mostly ego Buckeyeblue Dec 5 #12
He is a trumper, and he WILL do what trump wants him to do, and that will include privatizing Social Security. You JohnSJ Dec 5 #13
Maybe it was a clever strategy after all... Montauk6 Dec 5 #25
If he wants to stay on the job, he does what Trump tells him to do. Irish_Dem Dec 5 #14
He supports fuckface DJT, so he's got some holes in his intelligence. maxsolomon Dec 5 #19
100 million a year RANDYWILDMAN Dec 5 #15
So is this guy going to cause the collapse of social security and turn over the money we pay every year kimbutgar Dec 5 #16
What could possibly go wrong with his "leadership"? 🤦🏼‍♀️ maspaha Dec 5 #17
Can Orange Mussolini pick 'em or what? Hekate Dec 5 #18
Has he been indicted for embezzlement?... lame54 Dec 5 #20
oh god :( New Breed Leader Dec 5 #21
The Oligarchy has begun. Actually began some time back, but this marks a new chapter.. Fuck em Evolve Dammit Dec 5 #22
Someone skilled enough Linda ladeewolf Dec 5 #23
He was Jamie Dimon's hatchet man.... bamagal62 Dec 5 #26
The mood of the country and in light of what happened to the UH CEO this guy might want to Autumn Dec 5 #24

rsdsharp

(10,287 posts)
1. Oh, goody! The guy from the bank that took us to the brink in 2008, will be the guy to privatize social security.
Wed Dec 4, 2024, 11:35 PM
Dec 4

What could fucking possibly go wrong!?

vapor2

(1,632 posts)
2. EVERYTHING
Wed Dec 4, 2024, 11:37 PM
Dec 4

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

karynnj

(60,012 posts)
11. It is interesting that the NYT wrote that part as they did,
Thu Dec 5, 2024, 09:45 AM
Dec 5

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.

Norbert

(6,612 posts)
4. This reminds me of the film and play, The Producers
Wed Dec 4, 2024, 11:47 PM
Dec 4

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

(11,072 posts)
5. Of course Trump hired a guy who helped steer the company he worked for into oblivion.
Thu Dec 5, 2024, 12:52 AM
Dec 5

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

NBachers

(18,195 posts)
6. Great - now he can collapse the entire Social Security & Medicare system. Thar's money to be had in them thar accounts!
Thu Dec 5, 2024, 09:18 AM
Dec 5

Historic NY

(38,045 posts)
7. The giant sucking sound you hear will be your entitlement, that you earned.
Thu Dec 5, 2024, 09:23 AM
Dec 5

Social Security savings accounts. (401k)s

Lonestarblue

(11,982 posts)
8. I expect many of attempts to undermine Social Security.
Thu Dec 5, 2024, 09:27 AM
Dec 5

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

(5,720 posts)
9. Frank is actually pretty smart
Thu Dec 5, 2024, 09:33 AM
Dec 5

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.

Buckeyeblue

(5,720 posts)
12. I wondered that too. Probably mostly ego
Thu Dec 5, 2024, 09:46 AM
Dec 5

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

(96,810 posts)
13. He is a trumper, and he WILL do what trump wants him to do, and that will include privatizing Social Security. You
Thu Dec 5, 2024, 10:21 AM
Dec 5

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

(8,766 posts)
25. Maybe it was a clever strategy after all...
Thu Dec 5, 2024, 07:02 PM
Dec 5

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

(59,689 posts)
14. If he wants to stay on the job, he does what Trump tells him to do.
Thu Dec 5, 2024, 11:05 AM
Dec 5

He has no power on his own.

maxsolomon

(35,358 posts)
19. He supports fuckface DJT, so he's got some holes in his intelligence.
Thu Dec 5, 2024, 01:43 PM
Dec 5

He's not Gaetz-level bad I suppose.

RANDYWILDMAN

(2,931 posts)
15. 100 million a year
Thu Dec 5, 2024, 11:43 AM
Dec 5

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

kimbutgar

(23,607 posts)
16. So is this guy going to cause the collapse of social security and turn over the money we pay every year
Thu Dec 5, 2024, 11:48 AM
Dec 5

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

bamagal62

(3,688 posts)
26. He was Jamie Dimon's hatchet man....
Thu Dec 5, 2024, 07:38 PM
Dec 5

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

Autumn

(46,660 posts)
24. The mood of the country and in light of what happened to the UH CEO this guy might want to
Thu Dec 5, 2024, 06:38 PM
Dec 5

invest in some body armor.

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