[jpdoctor]

> Is this common during the bubble

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.