They're status symbols - symbols of power and success. They're meant to impress other people. Now they're out. Power breakfasts are in now. Short and businesslike, strictly no booze.
Power dressing is still in - although padded shoulders are definitely out.
Oh, and by the way - jeans are in. We're talking about power lunches and power breakfasts. They're status symbols. They're meant to impress other people, but also to encourage bonding. However, power lunches - long and boozy lunches are out now.