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I think you're forgetting the most important reason:

- The board members and CEOs are all part of the same club and is looking out for each other.

Yes, networks are beneficial in attaining any job, but the caricature you posit is a farce

No its not, its like that for many companies and job industries. In America, it is about who you know, not what you know.. We all know this.

Nope. Just look at the amount of boards CEO's of different companies sit on. It's staggering.

"The goal of business is to keep your buddies working, even if they're fuckin' idiots." --Roseanne Barr