In 1845 Wolfgang Thong moved to America from a little known town called Waistband, Austria. Two years later he opened his first underpants store in the heart of Brooklyn, NY. It wasn't until 1876 that Wolfgang finally sold his first pair of underpants, and he subsequently dies of surprise at doing so.

In 1886 his son, John Thong takes over the family business. In 1903, with his father's success haunting him, he acquires National Waistband in a highly leveraged buyout. The following year he acquires Massive Underpants Company. He merges the two to be come "National Underpants". After a year of success John marries his sweetheart Matlida Waistband and goes on to start a large family.

When the depression hits in 1929 John's business still thrives. You always need a good pair of underpants. From 1941-1951 John does nothing. In 1964 IBM purchases National Underpants for no reason at all. In 1965 John does even less. Then IBM shakes things up in 1978 by selling National Underpants to Xerox, which promptly goes out and copies it. Then in a turn of unexpected events Xerox sells National Underpants to General Motors. After years of research in 1987 GM makes the first underpants car.

In 1993 national underpants splits off from GM and becomes a .com company and goes public selling cow milking machines, but it doesn't work out. In 2006 National Underpants is bought back by John's son and is re-launched as National Underpants - An underwear company.