"Why is it that most IT types (like most of the El Reg readership) can spot that many a dotcom enterprise is doomed to failure (as it's either stupid or has no business plan), but all these bankers and investors can't?"
Why would they care?
VCs are looking to exit with their profits by the IPO. Bankers bet on both horses and will make money either way. Whether the company is a remotely sensible idea or not is really not that important.
Biting the hand that feeds IT
