When I was in College working as a co-op student at IBM headquarters I remember thinking the exact same thing. That these people just run around having meetings to schedule meetings, waste so much time make sure their powerpoints are works of art for internal presentations yet are doing nothing to sell or produce product for the company.
I swore in 1986 that if half the people around me disappeared nobody would notice. Hear we are in 2012. They have 1/2 the employees they had in 1986 and are making tons more money. They should have paid me the millions instead of Lou Gerstner.
After that I knew I could never work for a large corporation and play the politics.