What went wrong with First Data?

There is an interesting article in TheDeal.com, "What went wrong with First Data?"

Under the challenges that First Data faces, one BIG challenge that was not addressed in the article is that First Data definitely falls under the current administrations definition of "Too big to fail." While absolute numbers aren't published, an estimated 50-65% of all US credit and debit card transactions go through a First Data host somewhere along the line. To me, power hungry politicians stepping in and taking over First Data in their "challenging time" makes all the other challenges moot.

Anyone else have thoughts on this topic -- even just to tell me I'm a paranoid schizophrenic?