Horace Dediu on executive compensation and the “Stupid manager theory of company failure”.
When times were good the leadership enjoyed luxuries and praise. This was the essential deal societies made: well keep you in riches and allow you to be idle as long as times are good but ritualistically slaughter you when times are bad. Well declare you chief magical officer and place all our faith in you. But, of course, if you fail, we will will be vengeful.