Fiserv's former CEO, Frank Bisignano, now heading the Social Security Administration, faces scrutiny from U.S. Senators after the company's stock plummeted. Senators Wyden and Warren question Bisignano's role in Fiserv's financial missteps, particularly regarding a recent federal contract. The letter highlights Bisignano's departure from Fiserv, coinciding with a series of financial setbacks, and his family's substantial profit from selling shares before the stock plunge. The senators seek transparency on Bisignano's involvement in a U.S. Bureau of Fiscal Service contract and his financial projections for Fiserv's performance. This inquiry comes amidst a class-action lawsuit against Fiserv for allegedly misleading investors and a significant earnings miss, leading to a 44% stock drop and an executive shake-up. The senators' letter also raises concerns about a contract awarded to Fifth Third Bank, which involved a Fiserv subsidiary, Money Network Financial LLC. With the deadline for responses set for November 20, the senators aim to uncover the truth behind Fiserv's financial turmoil and Bisignano's potential involvement.
