IBM

Smart people, flexible work hours, and good opportunities to work on a wide range of topics that create a remarkable breadth of knowledge for future employers.

Absolutely toxic work environment due to a near-constant threat of firings.

Raises are non-existent, even for top performers, with very little information conveyed to employees as to why (aside from the generic "it was a tough year," even during times of record profits).

Upper management is cold and impersonal towards employees, with many layoffs resulting in rehires as contractors, only to be let go at the next quarter's end.

Fire yourselves immediately. When a good portion of the engineering force has been turned over and you are still bleeding money, I think it is obvious where the true problem lies.