Yes, this happens in most companies, especially in big ones (500 people) where there's plenty of 'hot air blowing at the top level' (read people who do nothing besides speaking :)).
Also, it has been observed that once the first one or two approve an action, the rest just blindly approve it as a formality. That's what they are paid for actually.
And where the heck do these guys learn phrases like 'consensus building', 'lack of buy-in' and 'flailing around in futility'? Management school?
I like to sit and do nothing while pretending to flail around in futility. It's pretty easy to fake a flail; just act stressed out on the phone and give vague, irritated answers to questions, and people will leave you alone.