Commissioner of the U.S. Social Security Administration Frank Bisignano may have saved millions in stock losses by joining President Donald Trump's administration, according to a new report.
The New York Times reported on Thursday that Bisignano was forced to sell his stock holdings in Fiserv, a financial services company that he ran before moving to Washington, D.C. His family netted around $560 million, according to the report.
Bisignano's move coincided with a precipitous drop in Fiserv's stock price after the company's new CEO, Michael Lyons, said the company's previous forecasts were "too optimistic," the report adds.
The company's stock fell 50% by the end of the day on Tuesday, which would have wiped out roughly $315 million in value for Bisignano's stock holdings, according to the report.
“Over the last few years, decisions to defer certain investments and cut certain costs improve margins in the short term, but are now limiting our ability to serve clients in a world-class way, execute product launches to our standards and grow revenue to our full potential,” Lyons told analysts on Wednesday, according to the Times.