Worst Company In America: AIG VS Walmart
We're on to the Elite 8 and things are really heating up! There are so many macroeconomic implications in this match-up!
This is a post in our Worst Company In America 2009 series. The companies nominated for this honor were chosen by you, the readers, and seeded according to number of nominations. Keep track of all the goings on at consumerist.com/tag/worst-company-in-america. Download the bracket here.
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Comments:
Wow, I hope Wal-Mart takes this one. They just canceled my Wal-Mart credit card because I had lost it, and someone did some bogus transactions on it. They refuse to re-open a new account. They have just completely closed it. Granted $600 credit limit wasn't a lot, but it was still mine. Oh Well, Back to Target and their $3000.00
@WarOtter: Actually Walmart so far has only screwed over China really bad...
Everyone in the US needs to start saving for the day the Chinese come calling on the UN to make the US help pay for the unfettered and unregulated business/manufacturing caused environmental disasters...
"But US citizens purchased most of the products so they should be made to pay..." will be the arguements.
By then Walmart will be sourcing its products from somewhere else like the Sudan or Somalia...
@DjDynasty: Well I was going to go with AIG for ruining the economy for years to come, but not giving you another credit card after you lost one and they had to eat fraudulent transactions? That's pretty compelling too...
AIG @nwaasob: One would hope that Wal*Mart would close one day. Then small communities could recover too. But those dirty bastards would like to have one last hurrah for the small towners... Offer them investment & insurance services from AIG.
@DjDynasty: Just buy a couple of sewing machines and return the boxes with bricks inside...
True story that happened to my ex's cousin- the most lily white, doesn't crosswalk or cut the matress tag off type of woman. She though she would be arrested trying to return the scammed box and she couldn't understand how someone could make money off selling a new sewing machine not in its box. I had to explain fencing, flea markets, and drug addicts to her... (this was before ebay then craigslist became the fencing valhala.)
@econobiker: I would say no, you wanted the business and you did the work without foresight to plan for your country.
Since you have nuclear capabilities, you can start over for all I care.
@DjDynasty: Have you lost any money on securities, 401Ks, IRAs? Real estate? Know anyone that's lost a job or hours that you're responsible for? How much?
I mean, even in terms of "if it doesn't directly impact me, it doesn't exist", that's pretty short-sighted.
@econobiker: Oh noes! It's the UN Peacekeeper Forces, pay them their monies! They might talk us to death or send sternly worded letters.
@Trai_Dep: No, no and no. I haven't lost anything and I still know that AIG is the worse company here... no matter how much I loathe Walmart.
@DjDynasty: Wal mart credit cards are actually issued by GE financial services. If your account was closed, it was closed by GE.
@robotrevolution: This is a year by year competition. If no one remembers AIG in two years, then in two years they won't make it into the bracket.
@Trai_Dep: Seriously! It pains me to vote against Walmart, but DAMN, I have AIG to win the whole thing.
@winshape: Considering about 95% of the UN Peacekeeper Forces have an American flag patch on their shoulder, I don't think we have too much to worry about ;)
@Trai_Dep: Yup, all AIG's fault, no one else's. This is like the Salem Witch Trials.
/except a few of them really are witches.
@snowburnt: AIG is the scapegoat du jour, and has no more responsibility for this mess than a dozen other companies.
But the TV tells us to hate AIG, our government proposes borderline unconstitutional taxes targeted at their employees, and the mob says they're bad, so they will march to the winner's/loser's circle of Consumerist's Worst Company in America contest.
If The Consumerist runs a 'Worst Company In America - last 30 years' bracket, I'll gladly vote for Wal-Mart to win it all. Until then - and specifically for 2008/2009 - I'll vote AIG over anyone.
@BacteriaEP: I had to go with Wally World, too. AIG is pretty bad but Wally World has pulled lots of crap over the years that gets them my vote, not to mention their horrendous effect on small-town businesses.
@Yoko Broke Up The Beatles: Or they can do a 'worst of the decade' - 2010 isn't that far off. I wonder who I would pick for 2000 to now? And if another year or so might bring in some new contenders. Hmmm.
I give up...
It is hopeless to try and enlighten the general public to the differences of investment risks and ethic employment practices.
AIG should have lost it's first matchup - this company has done very little wrong other than catch the full brunt of media hype and the "not with my money" public rage.
@nwaasob: I voted for WalMart too for the same reason. Their treatment of workers and foreigners has ruined a few more lives than AIG, I'd wager... at least in terms of daily life kinda stuff.
@SybilDisobedience: True... but remember who gave AIG billions of dollars to waste!
How about a "Walmart vs US Government" bracket?
Wal-Mart could definitely put up a fight in the 'worst of the decade' battle, although I think Circuit City might have something to say about it...
@freelunch: Very little wrong? Are you high?
Let's be clear about AIG's wrongdoing: They collected billions in fees for selling trillions, yes trillions, of dollars worth of credit default swaps they had little ability to make good on. That's why government bailout money is leaking through AIG like a sieve. They are a bottomless pit of liability. AIG isn't keeping that money; it's going right back out the door to pay counterparty claims. Think of AIG as a casino that gladly took your wagers but couldn't pay if you hit the jackpot.
AIG got my vote for their scammistic synthetic coal tax credit scheme alone (which was created by the nimrod who would eventually tank the company due to credit defaults swaps etc.) Entirely legal but very immoral. AIG bought unused "synthetic coal" processing facilities and then leased them out only to harvest tax credits to reduce their tax obligations.
And "synthetic" coal is usually pretty scammy to start with in the order of spraying fuel oil over regular coal to "convert" it to "synthetic" coal...
@Coach Cal Is My Dream Weaver: Never said it was. But Moody's, Citi, Ameri-whatchyamacallit, etc., aren't in this round. :)
@Coach Cal Is My Dream Weaver: 2nd time: It's AIG vs Wal-Mart, so I'm unsure where your logical leap that anyone's saying that AIG is solely responsible.
























Hmm, surprise surprise, AIG is in the lead.