Honestly, this sounds like normal life being a junior employee at a big company. An ossified clique of old guard managers pick winners and losers with little regard for merit? Unbelievable bureaucratic overhead? Your boss expects you to flatter and fawn all over him because he allows you to work 50-60hrs a week at 80% the median salary without overtime pay? Sorry to say, this is just what they're all like. Do good work, make friends, and try to get a job at a small company where people treat each other decently and incompetents can't hide in the crowd.