As AOL Time Warner posts the biggest loss in corporate history business once again proves it doesn’t really understand what the internet is all about. At the height of the madness when anything that had a wiff of the internet about it sucked in money like a Dyson on steroids, the merger of AOL and Time Warner made sense. How could it not? AOL had a huge number of subscribers and Time Warner had the content. But internet users are a fickle bunch and much of what AOL provides can be found free elsewhere, also the internet still remains a very poor way to deliver multimedia content even with broadband. Apart for certain ‘art movies’ whose going to watch video windows no bigger than a matchbox? It also couldn’t have helped when rumours started about dodgy accounting. It’s not all bad news though, at least Steve Case and Ted Turner have managed walk away with their personal fortunes intact. Whether or not the lowly AOL Time Warner employees will be so lucky is less clear.