That doesn't contradict Pournelle's observation. The balance of power tends towards those who work for the organization in most firms.

The bigger question in my mind: why firms at all? If individual PMs are so great, why bother with employees? Wouldn't you rather just contract all the elements of a technical project to other folks for a fixed fee?

I do wonder what portion of good ol' boys and good ol' fashion nepotism tend to fill out the "PM" position on big firm's org charts.