I have been an OFS employee; before ITI, before Checkfree and of course, before FB and FD ruined this company. Of all the 'acquisitions', I don't understand HOW TF Fiserv and JY let this happen. Did JY know that FB would do what he is doing and just didn't GAF? If they RIF me, I'll be ok. If I get severance, I can live off that and my savings until I can take money from my investments, but for those just starting out or 5-10 years away from retiring, this SUCKS. The platform I support will die a slow, painful death and clients will feel it. Hang in there people!
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How much different things would have been if the Ava tube deal had been done instead of FD.
JY was complicit, but not the only villain. The JPMC diaspora was well-represented on the Fiserv board, guys who had worked with FB, made money off his hard-nosed work history, and admired his ruthlessness. Although JY was ruthless in his own way, he was out of tricks after more than a decade, and he made a few mistakes (most of them buried effectively by his personal loyalists in Legal and ERR) that made him look like he was slipping. So he took the money, remade himself into a philanthropist and visionary (his latest exec-in-residence gig at UMW made me gag) and is learning to live with himself.
To those guys at the top it is a game. No loyalty. Checkfree and Fiserv more like a family not anymore.
Of course the “almighty” JY knew what FB would do. It’s called selling out. Savvy people at FD knew pre-merger that JY had a deal to step away with a lot of cash and leave things to FB. He knew that FB had ruined the FD Company and was desperate to be bailed out. And so he helped another multi-millionaire brother out. Get over it.
I’d take working for OFS pre-reverse merger under JY any day after this nightmare of a so-called leadership.
As an OFD employee we were praying that Jeff would run the company as we hated Frank. We had dreams of nicer offices and WFH. Guess what we were all screwed OFS and OFD
Not a fan of JY. It is possible he had no idea...
How bad is the next CEO going to be to make Frank look like a saint?
Good question about JY. He had to have done due diligence and was aware of KKR’s control on FD. But he still pressed on. He deserves as much blame as FB.