Most Despised American Companies

[Lynnie]

I haven't had time to look this up, but was in a meeting where this was mentioned.

Freddie Mac at the top, followed by:

AIG, Fannie Mae, Citi, Goldman, JPMorgan Chase, GM, Chrysler, Bank of America.

See a pattern?

Any others? Which is a thorn in your side?

Maybe we could convince the Czar to tax these entities and give us a bailout!

 

[Miss Critter]

Hypothetical question: Nobody likes you, but you're raking in billions. Do you care?
I'm guessing their answer is a resounding NO, if you can hear it over their laughter. And I don't believe for a moment that meaningful reform will come anytime soon, which is why only 28% of Americans trust their government, regardless of party affiliation.

 

[Lynnie]

Hypothetical question: Nobody likes you, but you're raking in billions. Do you care?
I'm guessing their answer is a resounding NO, if you can hear it over their laughter. And I don't believe for a moment that meaningful reform will come anytime soon, which is why only 28% of Americans trust their government, regardless of party affiliation.

You're right, Miss Critter. This one of 'we hate America companies' does feel a little differently. It's not just poor customer service; it has more to do with greed, betrayal, mismanagement, inclusive of funds, etc. Among other infractions as well.

 

[John R]

Monsanto. I guess it's all in the company one keeps.

 

[TNJed]

Monsanto. I guess it's all in the company one keeps.

Mooooooo

 

[30ashopper]

I haven't had time to look this up, but was in a meeting where this was mentioned.

Freddie Mac at the top, followed by:

AIG, Fannie Mae, Citi, Goldman, JPMorgan Chase, GM, Chrysler, Bank of America.

See a pattern?

Any others? Which is a thorn in your side?

Maybe we could convince the Czar to tax these entities and give us a bailout!

I don't know, I think this is a little overblown right now. I bank with BofA and love all the services they provide. I've made money of JP Morgan and Goldman stock over the years, and Citi was the first company to trust me with a Visa when i was in school. Chrysler used to be my favorite car company.

I think the reason why we hate them so much is not becuase they screwed up, it's because government gives them special treatment. If that weren't the case, they'd take their licks and learn from their mistakes. Americans would see that as 'fair' and be less angry.

 

[scooterbug44]

Hypothetical question: Nobody likes you, but you're raking in billions. Do you care?
I'm guessing their answer is a resounding NO, if you can hear it over their laughter. And I don't believe for a moment that meaningful reform will come anytime soon, which is why only 28% of Americans trust their government, regardless of party affiliation.

IMO the smart ones care - GM is running TV commercials saying they understand people are upset about the whole thing and telling everyone that they have repaid their loan, with interest, 5 years ahead of schedule...........and now they want your business.

Then there are the DBs giving out billions in bonuses even when they know how people feel about it. :angry:

 

[futurebeachbum]

IMO the smart ones care - GM is running TV commercials saying they understand people are upset about the whole thing and telling everyone that they have repaid their loan, with interest, 5 years ahead of schedule...........and now they want your business.

Then there are the DBs giving out billions in bonuses even when they know how people feel about it. :angry:

Of course the GM ad doesn't mention all of the creditors (including the government) that they screwed by going bankrupt. They were able to eliminate most of their debt.

Here's an article that covers it well: More than meets the eye to GM payback story

From the article:

The fact (which the news reports eventually point out, despite the misleading headlines and opening paragraphs) is that the US and Canadian governments poured $60 billion into GM. The vast majority of the bailout money was either forgiven or converted into post-bankruptcy ownership stake. The GM bailout is still expected to lose $36 billion--in other words, a 72% loss.

But perhaps more important is to ask where the $8.1 billion payback came from. Earlier this month, CNN Money reported that GM posted a $3.6 billion loss in fourth-quarter 2009. Even casting aside one-time expenses and various accounting complexities, the company was $600 million short of breaking even.

So how did a recently bankrupt company which is still hemorrhaging money pay back a multi-billion dollar loan five years early? Could it be that the mountain of bailout cash was much more than turned out to be necessary?

It's hard to conclude that the repayment is anything other than a political and marketing ploy where the federal government receives "repayment" with the very same loan money handed out starting in 2008.

Think of the domino effect their bankruptcy had on all of their creditors. In addition to that is the screwing of the stockholders. They got nothing, when in fact, the assets of GM should have been liquidated to service their obligations.

 

[Miss Critter]

My guess is GM cares because their financial future depends on it. A very po'd middle America has a direct effect on their bottom line. Not so with the financial firms, hence the billions in bonuses.

 

[Lynnie]

Of course the GM ad doesn't mention all of the creditors (including the government) that they screwed by going bankrupt. They were able to eliminate most of their debt.

Here's an article that covers it well: More than meets the eye to GM payback story

From the article:



Think of the domino effect their bankruptcy had on all of their creditors. In addition to that is the screwing of the stockholders. They got nothing, when in fact, the assets of GM should have been liquidated to service their obligations.

I think in a BK, the stockholders would receive monies if there was anything left over.......i.e. they get paid last. I learned this the hard way with airlines.