Even if Brad Garlinghouse's Yahoo memo is boring, its publication makes it less likely the internet corp will be available to save cash-burning startups. When the Yahoo SVP, in his now-famous peanut butter memo, points to the competing or redundant initiatives, he lists acquisitions such as Flickr and Delicious, which each overlap with inhouse products. And he complains about the company's proclivity to hire from outside. If Yahoo adopts the Garlinghouse approach, or even pretends, expect its recent burst of acquisitions to fizzle. Which wouldn't matter so. Except an offer from Yahoo is the best way to lever a sale to Google.

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