City Libraries, City of Gold Coast

When McKinsey comes to town, the hidden influence of the world's most powerful consulting firm, Walt Bogdanich and Michael Forsythe

eng

Includes bibliographical references (pages 459-563) and index (pages 565-607)

no index present

non fiction

When McKinsey comes to town

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Walt Bogdanich and Michael Forsythe

the hidden influence of the world's most powerful consulting firm

McKinsey & Company is the most prestigious consulting company in the world, earning billions of dollars in fees from major corporations and governments who turn to it to maximise their profits and enhance efficiency. McKinsey's vaunted statement of values asserts that its role is to make the world a better place, and its reputation for excellence and discretion attracts top talent from universities around the world. But what does it actually do? In When McKinsey Comes to Town, two prize-winning investigative journalists have written a portrait of the company sharply at odds with its public image. Often McKinsey's advice boils down to major cost-cutting, including layoffs and maintenance reductions, to drive up short-term profits, thereby boosting a company's stock price and the wealth of its executives who hire it, at the expense of workers and safety measures. McKinsey collects millions of dollars advising government agencies that also regulate McKinsey's corporate clients. And the firm frequently advises competitors in the same industries, but denies that this presents any conflict of interest. Shielded by NDAs, McKinsey has escaped public scrutiny despite its role in advising tobacco and vaping companies, purveyors of opioids, repressive governments and oil companies. McKinsey helped insurance companies boost their profits by making it incredibly difficult for accident victims to get payments, worked its US government contacts to let Wall Street firms evade scrutiny, enabled corruption in developing countries such as South Africa, undermined health care programs in states across the country and much more. Bogdanich and Forsythe have penetrated the veil of secrecy surrounding McKinsey by conducting hundreds of interviews, obtaining tens of thousands of revelatory documents, and adhering to rule #1 of investigative reporting: follow the money

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