Trisha Marczak
A recent consumer poll reveals what bothers Americans most — and it has nothing to do with a corrupt banking industry that has cost taxpayers billions of dollars. Instead, it seems consumers are more focused on the company responsible for the flawed release of the video game, Sim City.
Bank of America has notoriously been dubbed one of the major players in the nation’s worst financial collapse since the Great Depression, receiving more than $45 billion from the federal bailout — paid for by American taxpayers.
If that wasn’t enough to convince consumers it deserved the ultimate failure award, just two years ago it laid off 30,000 workers — a hole they made up through an overseas hiring campaign.
Yet despite the bailout and treatment of workers, those responding to The Consumerist survey seemed far more upset about flaws in their video games. In March, Electronic Arts admitted to its “fans” that its newest release of SimCity was “dumb,” providing those who purchased the game with the option of compensation.
“A lot more people logged on than we expected. More people played and played in ways we never saw in the beta,” General Manager for Maxis, Electronic Arts’ label that creates SimCity, Lucy Bradshaw said in a blog post. “OK, we agree, that was dumb, but we are committed to fixing it.”
Despite the company’s public relations cleanup attempts, it seems consumers are still unhappy. Seventy-eight percent of Consumerist readers voted Electronics Arts the worst company out there, far outweighing the votes received by Bank of America.
There are a few theories as to why this is: Either Americans care more about video games than corrupt banking policies responsible for an economic collapse, or Americans’ memories are short-lived. The bailout of Bank of America is four years in the past, while the SimCity debacle took place one month ago.
Another theory, however, presented by William Usher indicate that it is perhaps deserved, pointing out scandals the company was involved in, including a child’s charity scandal.
“If it were a scientific poll Bank of America would have won by a landslide,” Usher wrote in a Cinema Blend column. “However, it was not a scientific poll and hundreds of thousands of votes were cast in favor of EA winning as worst company in America. If you don’t know why, it’s just not over the Mass Effect 3 ending, it’s over Project $10, it’s over early server closings, it’s about DLC charity abuse, it’s over them gutting studios like Pandemic, Westwood, Origin Studios and Bright Light, it’s over the lawsuits, it’s over the nickel-and-diming with Day-1 DLC, and every else in between.”
Whatever angle consumers takes, the damage to the public caused by Bank of America and Electronic Arts aren’t comparable — as one has to do with an inconvenience, while another was responsible for greatly impacting the finances of its customers through a financial fallout that plummeted the stock market and left tens of thousands without jobs. Even now, the nation is working its way out of the financial mess.
Bank of America, the abuse isn’t over yet
Dubbed “too big to fail,” Bank of America is the second largest bank in the U.S., in terms of assets, which means that when it makes a move, America feels it.
In 2011, the bank proposed a $5 per month debit card charge, only to change their tune after widespread customer outrage.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” Co-CEO David Darnell told USAToday in 2011. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
Bank of America’s actions were seen as motivated out of fear that customers were — and planning to — leave the bank at unprecedented rates. A 2011 Harris Interactive poll found that customers at Bank of America were more likely to leave the bank than customers of other big-box banks, with 9 percent of its customers at that time saying they were “not likely at all” to stay with the bank.
Just this month, it was revealed that Bank of America were part of a group of four banks, including Wells Fargo, Citigroup, JPMorgan Chase who wrongfully foreclosed on the homes of more than 700 military members, according to the Campaign for a Fair Settlement.
And that wasn’t the last scandal to rock Bank of America. In February, another government bailout of the bank was revealed by the New York Time. Documents released through a settlement between the Federal Reserve and Bank of America indicated the bank was relieved of legal obligations related to sale and losses in mortgage-backed securities.
This came after another banking giant, AIG, attempted to sue Bank of America for its sale of toxic mortgages, costing AIG $7 billion. Yet because AIG sold mortgage securities to Maiden Lane 11, part of the Fed, Bank of America shot back, claiming it could not sue the banking company for mortgages it no longer possessed.
After a back-and-forth argument, it was discovered that the Fed relieved Bank of America from its legal obligations associated with mortgage-backed securities losses. This happened in July, the same time during which Bank of America paid the Fed $43 million, allegedly for disputes related to only two mortgage security cases.
Because of this, it was deemed by skeptics to be yet another government bailout, laced with confusion and signs of corruption — with taxpayers stuck on the other end with the bill.