Demand for Trump's Social Security chief to resign after $30 billion implosion [View all]
The new CEO of the financial services technology company Fiserv said Wednesday that the firm’s financial outlook was grim, sending its stock collapsing by more than 40% and erasing $30 billion in market value—and laid the blame squarely with a Trump administration appointee whom the president has praised as “amazing.”
When nominating former Fiserv CEO Frank Bisignano as Social Security administrator earlier this year, President Donald Trump said the executive frequently “takes troubled entities and turns them around.”With current Fiserv chief Mike Lyons warning on Wednesday that Bisignano had made major missteps as CEO, overinflating its sales projections and relying on short-term cost-cutting before selling his stock for $500 million, the advocacy group Social Security Works said beneficiaries of the government’s anti-poverty program for senior citizens should be alarmed that the former executive is now in charge of their crucial benefits.
“Fiserv lost 40% of its value because the former CEO, Frank Bisignano, is a liar,” said SSW. “But Bisignano is Trump’s buddy, so he can only fail up. He’s now in charge of your Social Security.”
Lyons told analysts and investors that when Bisignano was leading Fiserv from 2020 until earlier this year, the company made sales projections that “would have been objectively difficult to achieve even with the right investment and strong execution.”
https://www.msn.com/en-us/money/companies/demand-for-trump-s-social-security-chief-to-resign-after-30-billion-implosion/ar-AA1PIG58
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