What do you think of bosses who insist they are "not your boss" but a "colleague"?

CookiesAndCream2
To me it's a novel concept but not reality. Your colleague can't get you fired unless you royally screw up. Your boss can fire you on a whim if they're in a bad mood.
What do you think of bosses who insist they are "not your boss" but a "colleague"?
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