EA vs Bank of America – Who will be voted the worst company in the US?

By on April 2, 2012

The final round for the magnificent Golden Poo.

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First Impressions
My reaction is

After a month of rigorous competition, the battle for the Golden Poo, an award bestowed upon the company voted to be the worst in America, is finally coming to end.

Against luminary competitors like At&t, Facebook, Sony, GameStop, Best Buy, and even Walmart, only two fought vehemently enough to get their deserved shot at the glorious poo. The two finalist are Electronic Arts and Bank of America, who now will fight till tomorrow and be crowned, officially for some, the absolute worst company in America.

Who has your vote?


About

Mufaddal Fakhruddin is the Editor for IGN ME and thinks writing in third person about himself in an about me section is weird.

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  • Anonymous

    What exactly makes these bad companies? EA releases great games, while the Bank of America… wait, what did they do wrong? They keep our money, unless you were alive during the Great Depression then that’s what they’ve been doing since you were born. What’s to hate?

    • http://www.facebook.com/mike.emerson1 Mike Emerson

       I really hope your like 10 years old, that’s the only thing that can justify how stupid you just sounded… If not then this is a perfect example of everythig that is wrong with the world. Wake up, that thing on your shoulders is for thinking.

      • Anonymous

        You really proved your point with all those words you used… I’ve just realized how terribly wrong I am. Please forgive me.

        If you want me to go more in depth, let me ask specific questions:

        For EA: What exactly makes EA so horrible? Did it pull off a scam? Did it force you to pay money? Did it let hackers take your info? Once again, did it in any way FORCE you to pay money? Why exactly do you hate EA so much?

        For BoA: What has made them the worst company in 2011? Did you lose your money? Is your money still in the bank? Can you retrieve the money, or is it lost from you forever? Is its function as a bank failing or in jeopardy?

        If these companies were bad, they wouldn’t exist anymore. Obviously they’re doing something right to stay aloft, and that’s more than a lot of once-mammoth-now-death companies can say. If your comment is going to be another abstract insult then please refrain from commenting.

        And before I submit the comment, I’d like to point out how pathetic your reply is. I could take those exact words and point them at you, and they’d have even greater effect seeing how idiotic your statements are. A couple big words and “For liberty! For freedom! For America!” cheers are probably your idea of a good comment that makes the world a much better place. If most Americans have the same reasoning as you do then I sincerely fear for America’s future. 

        • WeAreChangeParis

          Now I’m not going to comment on EA and video games (because I really dont have a clue about them) but what I do know about is mega banks, such as Bank of America…Here is just a few things I could find about them all found in the main stream media (incase you think I’m making this shit up)  I could go on forever about these private offshore bankers but heres just a small portion of what these scam artists are doing

          The Obama administration have repeatedly propped up the financial institution, which received a $45 billion taxpayer bailout in 2008. Bank of America has also received billions in what could be described as shadow bailouts
          And then, right in the midst of the financial crisis in 2008, Bank of America acquires the two of now the most notorious financial institutions in the country.
          The Bank of America executives always wanted a thriving mortgage business. They were already one of the biggest mortgage dealers in America. But they wanted to be even bigger, and nobody was bigger than Countrywide, which was the largest subprime lender in America at the time. And so, right at the moment when the mortgage market was beginning to collapse, Bank of America did two things: first they made a $2 billion investment in 2007, and then they finally kind of doubled down on their bet about six or seven months later and acquired the entire company. They thought they were getting a steal, but it ended up being completely catastrophic to the bank’s fortunes, because they inherited a whole range of liabilities and future lawsuits for a lot of the criminal behavior that Countrywide had been involved in with regard to subprime mortgages.
          And then , in that same time period, and they acquired Merrill Lynch, which was one of the most innovative, but also the riskiest, investment banks in terms of bundling and packaging mortgage-based derivatives. So they ended up this gigantic conglomerate who ruled the mortgage world at the time when the mortgage market was exploding and all of these sort of hidden criminalities and conspiracies were burbling to the surface.
          I want to now go to the latest deal. In February, the Obama administration announced Bank of America and four other large banks had signed on to a $25 billion mortgage settlement to resolve claims over faulty foreclosures and the mishandling of requests for loan modifications. President Obama described it as a landmark settlement.
           In a recent interview with CNN, Bank of America CEO Brian Moynihan praised the mortgage settlement.
          it’s supposed to cover robo-signing. Now, what is robo-signing? Essentially, when—what the banks were doing is they were lending these companies like Countrywide billions of dollars to make loans all over the place to anybody with a pulse. Then they would make these billions of dollars’ worth of loans. The Countrywide-type companies would sell the loans back to a big bank like Goldman Sachs or Bank of America, who in turn would chop up these loans, turn them into securities, and then sell them off to customers like unions and pension funds and foreign retirement funds all over the world. Because they weren’t going to be holding on to those loans, they weren’t like traditional bankers that were going to be maintaining these loans over, you know, 20 or 30 years. Because they weren’t going to be doing that work, they just simply stopped doing the paperwork on these loans. It wasn’t cost-effective for them. So what they were doing was they just completely stopped servicing the loans. And only when they had to foreclose would they go back and try to reconstitute that evidence. And they would just assign a bunch of sort of entry-level people to make up affidavits so that they could go to court and foreclose on people. Completely illegal. It was really a system of mass perjury. That is what this settlement is supposed to cover, strictly the fraud in that one narrow area of this process.
          There are much, much bigger problems in the areas of creating loans and securitizing the loans. That’s where the real fraud occurred. The real fraud was when Bank of America or some company went to a union, say, and they said, “Here’s a whole bunch of mortgages we want you to buy. They’re AAA-rated. They’re all good.” And they left out derogatory information about how bad the loans really were. That was the real fraud. That isn’t covered by this settlement. But there’s some ambiguity about what this settlement covers. Some people think it does cover more than the robo-signing. And if it does, if there’s a waiver for more than just robo-signing, then it’s an incredible giveaway to the banks. It might even be a bigger bailout than TARP.
          Most people think of it as some, you know, airy abstraction, you know, bankers ripping off bankers. That’s not what it is. It’s bankers stealing from old ladies and retirees. That’s what it is. They essentially went to pension funds, and they said, “Here’s a whole bunch of relatively safe, you know, AAA-rated investments. AAA, that’s the same as United States T-bills or, you know, the sovereign debt of Luxembourg or something like that. It just earns you a little bit more, but it’s also AAA.” They bought this stuff. And then, you know, a year or two later, they’re looking at 30, 40, 50 percent losses. And that’s just money that’s coming straight out of the pockets of old people and retirees.
          The two that, to me, are the most incredible are municipal bid rigging—Bank of America a couple years ago paid a $137 million settlement, because they were caught rigging the bids for municipal bond issues in at least 88 different cases across—I think that was 25 different states. What this means is whenever some municipality—it could be the Guam power authority or, you know, the city of Baltimore—when they want to raise money, they have to do it through an investment bank, and they’re supposed to do it through an auction process, where all the banks compete to see how much they’re going to pay to get that business. Well, these banks have been systematically colluding and submitting artificially low bids, and there’s usually an insider on the municipal side who kind of games the whole process. They’ve been systematically doing this around the country for years and essentially cheating municipalities out of hundreds of millions of dollars in revenues that they would have otherwise gotten.
          The other big one, that’s more of a recent story, is Bank of America has been accused, along with a number of other banks, of artificially suppressing LIBOR, which is the London interbank exchange rate. LIBOR is basically the exchange rate upon which all adjustable rate investment vehicles are based on: mortgages, everything. They’ve been artificially suppressing LIBOR so as not to pay out as much to any investor who has a LIBOR-based instrument. There’s $350 trillion worth of investments are based on LIBOR. So they’ve been gaming the game, essentially. There’s really nothing that these guys haven’t been involved with.
          Bank of America also has a contract to—in a number of states, to distribute unemployment insurance benefits. People would get a prepaid Bank of America card. And in one state, it was discovered that if the people getting the benefits didn’t go to a Bank of America ATM machine, that they could pay fees as high as $10 for each time they went to either a bank or another ATM. I’m sure that’s not what the state had in mind when it was trying to distribute unemployment benefits.
          Just last year, they were in a very delicate situation where a number of their counterparties and creditors were concerned about the massive flow of derivatives that were on Merrill Lynch’s books. They convinced Bank of America to move that stuff onto its own depository side so it would be federally insured. So now we’re all on the hook for all this stuff. And that’s another thing that—another way that they’ve used the government to get out of their private problems.

          • Decembersboy

            hey there, very interestin, i have seen a lot of videos on this too, but i need to know more info on how they operate smoothy till date, i have questions, pls send a test email at my email, i will reply with questions: decembersboy@gmail.com

          • Anonymous

            I’m sorry it took me so long to respond, but here I go:
            First off, I was more fixated on EA than Bank of America. I was going to ignore that part entirely but thought I might as well include it in my argument, despite my unwillingness to put effort into my argument.

            Second off, I didn’t realize this was an all-encompassing contest. I thought it was for 2011 (My first line for BoA was “What has made them the worst company in 2011″), which wasn’t exactly a highlight in bad banking for BoA, at least relatively. Like I said before, most of the bad companies don’t exist anymore; I did forget, as you pointed out, that a lot of the bad companies did get bought off by BoA. That’s why they weren’t in the competition, and also why BoA gets most of the blame.

            While I knew most of the information you stated (a simple economics course in college or high school will tell you that much), the last part is news to me; the bailout in 2012. I heard absolutely nothing about it and feel like a complete idiot. Americans are known have a pretty short memory span and I am not apparently not immune to this disease; after Greece, Ireland, Italy, etc. came on my radar I completely ignored US economical issues. That deal went completely under my radar.

            I might add that despite these issues, most Americans only voted for those companies because they’re the last ones to make a mistake and are therefore fresh on peoples’ minds. EA had the Mass Effect 3 incident, while BoA had this bailout; like I mentioned before, Americans have a short memory span and this is just a convenient example.

            Thanks for taking your time to write this comment; while I knew most of it, it was a nice refresher and I’m sure a lot of viewers on this site learnt something new. You’ve summed up a crisis many people still don’t understand in a few paragraphs.

      • Dkgig

        YOU JUST GOT OWNED

  • http://www.facebook.com/mitesh.ghanekar Mitesh Ghanekar

    ea is d worst company everrrrrrrr!!

  • Alyveire

    EA did a bad job in SSX if you ask me. I’ve been a long time fan and I just get a terrible feeling even putting the game disc in the tray. One of the biggest disappointments I’ve had from them, and in my experience of gaming.

  • http://www.facebook.com/yamazaky Yamazaky Geese

    EA made Alice madness returns and it sucks…!

  • Manoj Damani

    Anyone having doubts as to who should win can just read this article. Long story short, BoA stole from families, charities and pension funds. EA games cant even begin to scale that level of evil.

    http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314?link=mostpopular1

  • Desturbing_the_peace

    EA has worst customer service u can ever imagine

  • W A Clerouge

    f***ots, EA made the best video game ever BF3 FTW MOTHER F**KERS…….IF U THINK THAT POO AWARDS GOES TO EA, WELL THE ONLY PLACE WHERE THIS POO BELONGS TO IS UR MOTHER’S T***AT B***H

  • http://www.flintstonemarble.com/ Shanon Foust

    The two finalist are Electronic Arts and Bank of America, who now will
    fight till tomorrow and be crowned, officially for some, the absolute
    worst company in America.

  • http://www.chemcleanofutah.com/ Tiana Lawton

    officially for some, the absolute worst company in America.

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