Pros
* Very low expectations, it is extremely hard not to be considered sufficiently competent.
Cons
* EVERYTHING is mired in bureaucracy, and no one seems to know the reason, "that's the way it's always been" is an extremely common answer when raising concerns with systemic problems.
* The extreme lack of trust in employees, I once caught the company implementing SSL man-in-the-middle attacks on all traffic. They stopped doing it when confronted, but didn't seem to grasp the problems in doing so in the first place.
* Aversion to responsibility, in practice, it is a company policy to rather outsource a risky task to someone who has, historically, done it wrong every time, rather than risk doing it wrong yourself and take blame for it, effectively resulting in a tier of subcontractors whose only marketable skills are taking the blame when something goes wrong.