If the CEO picks the board, and packs it full of his other CEO friends, who all have him sit on their boards too, and everyone rubber stamps each others compens

If the CEO picks the board, and packs it full of his other CEO friends, who all have him sit on their boards too, and everyone rubber stamps each others compensation packages; isn't this circular blame game awfully beneficial to all of the CEOs at the expense of all the non-CEOs?