committee

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a camel is a horse designed by a committee

Committees, due to their reliance on several different opinions and viewpoints, produce results that are fragmented, inefficient, or of poor quality, especially compared to the work of a single individual or a small team. A: "Did you see this latest memo? Can you believe the asinine decisions the task force made?" B: "Well, a camel is a horse designed by a committee."

a committee is a group of men who keep minutes and waste hours

Committees take a very long time to accomplish something, if they accomplish anything at all. A pun on "minutes," which is a record of what is discussed at a particular meeting. A: "The task force has been in a meeting all day! How can they not have reached a decision by now?" B: "Well, a committee is a group of men who keep minutes and waste hours."
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