The title is justified by the following points:
* The worst technical management I have ever experienced - browbeats on occasion and generally operates in a manipulative way that will put you at total unease. Your creative ideas might be implemented without appreciation and a sense of mistrust.
* Non-challenging rote work - The good work-life balance is borne out of the fact that management does not wish to grow the business so there's no real pressure to deliver anything. They are happy (read smug) to be where they have arrived and don't really care about acknowledging any of their employees' stake in their success.
* No benefits whatsoever (No 401Ks, insurance, bonuses)