Nothing wrong with COBOL
There's nothing wrong with COBOL, it has gotten a bad rap because schools and vendors wanted to push their 'new magic solutions'. Sure it's a little wordy, but, having programmed in COBOL for about 30 years, there's little I've found that I couldn't do with it. I also regularly program in Java, C, C++, C#, Perl, assembler (several different architectures), each has their good points and bad points. If I were to write a Payroll system, COBOL would be the language of choice for me. If I were writing a compiler, the C would probably the language of choice.
As to all that 'spaghetti code', imagine a system written in any language that had been around for as many years as some of these COBOL systems, they'd look like spaghetti as well. Also, since much of the code was written when computing resources were very expensive, hence things like 2 digit years.