It's basically conning, and yes it hurts the companies but for public companies it doesn't matter because that's the incentives of the board/CEO are out of whac

It's basically conning, and yes it hurts the companies but for public companies it doesn't matter because that's the incentives of the board/CEO are out of whack. Shareholders aren't allowed to elect boards in public companies so they become interlocked with insiders. And in reality a good CEO is worth an enormous amount of money so the actual amount that is earned and the excess that is grift is difficult to measure.