Highest paid is fact, one month at a time is opinion.
Yes. We saw it a bunch during Bubble v1.
I thought it was nuts then: Weren't the people/VCs supplying the money paying attention? After a while, you realize that easy money covers up a lot of sins over several levels of the foodchain.
When money tightens, those sins will be expurgated, but until then: Party on.
EDIT: To expand a bit, it's not "normal" as ericflo says in another reply and I agree it's a "bad" sign.
I'm just pointing out that as long as those supplying the money are seeing positive returns, they're busy working their other opportunities. When Sequoia republishes "RIP: Good Times", out comes the microscope on spending and board meetings will go over details that were ignored before.