How common are lazy/delinquent bosses? Have you had one?

I work at a professional, large organization in an office so I would appreciate hearing from people in similar situations (ie. not Taco Bell).

I have a manager who comes to work 30–60 mins late every day, talks on msn/instant messaging for hours at a time, ignores many deadlines, chats with friends and family on the phone (sometimes for an hour or more), delegates many things to people who are already swamped, and generally aims for the most basic level of quality on all projects just so that she can say it is done. She is able to get away with it because she is smart and a very good talker so she knows how to say all the right things to her boss.

As I make my way through my career, I’ve come to find that this is not that uncommon (although this is the worst case of it), so I’m starting to wonder, is this the norm? Are most managers like Kruger from Seinfeld?

http://www.youtube.com/watch?v=z6kVBGeQeR4
“Do you mind helping me out with some of this stuff! Don’t you even care? This is your company!”