As best I can tell it is all one big boys' club. The network of CEOs who sit on one another's boards, are personal friends etc. is a pretty well connected graph

As best I can tell it is all one big boys' club. The network of CEOs who sit on one another's boards, are personal friends etc. is a pretty well connected graph. When they hire, fire, negotiate wages and so forth a primary concern is exchanging favours. Why would a board member say no to granting a $100M payment package when it is a step on the way to getting a similar deal themselves some day?