That was a truly a forgettable book. I had a copy and even tried to read it through several times. I cannot recall anything about it other than the title.
That makes me sad in a way, because I usually can read something end to end.
Regarding the quote: It's not that COBOL was such a bad language for its time. It wasn't. Of the three languages COBOL, FORTRAN and Lisp, only Lisp survives (in new code) in anything resembling its ancestor. COBOL survives in legacy code that will probably never be retired. FORTRAN has mutated into something unrecognizable and arguably didn't last.
We can be grateful for FORTRAN because it buried the notion that compilers could never beat hand coded assembly.
We can be grateful for Lisp because it later spawned The One True Editor.
We can be grateful for COBOL because it made so mistakes that were so glaringly obvious, no one ever made them again.