Introduction
Summary of the Book When McKinsey Comes to Town by Walt Bogdanich and Michael Forsythe Before we proceed, let’s look into a brief overview of the book. Have you ever wondered how the decisions of powerful consulting firms shape the world around you? Imagine a company so influential that its advice determines the fate of major corporations, governments, and even entire nations. ‘When McKinsey Comes to Town’ takes you on a revealing journey into the hidden world of McKinsey & Company, the globe’s most powerful consulting firm. This book uncovers the dark secrets behind McKinsey’s glossy image, exposing how their strategies impact public health, the environment, and the lives of ordinary people. Through gripping stories and detailed investigations, you’ll discover the true cost of corporate advice and the real beneficiaries of McKinsey’s influence. Get ready to peel back the layers of secrecy and explore the profound effects of one of the world’s most prestigious yet controversial firms. Dive in to uncover who really wins when McKinsey comes to town and what it means for our future.
Chapter 1: Unveiling McKinsey’s Global Reach and Mysterious Success Secrets.
McKinsey & Company is a name that echoes through the halls of the world’s most powerful corporations and governments. Imagine a firm so influential that its advice shapes the strategies of giants like Microsoft, Ford, and even entire nations. Operating in 65 countries, McKinsey has built a reputation for being the go-to consulting powerhouse for solving complex problems. But what exactly makes McKinsey so sought after? It’s not just their presence; it’s their promise to innovate and make the world a better place. They claim to enhance efficiency and drive growth, helping clients stay competitive in a rapidly changing global market. This reputation has allowed McKinsey to amass an impressive worth of $31.5 billion, making it one of the most valuable consulting firms in the world.
However, behind the glossy image lies a more complicated reality. McKinsey’s approach often involves cutting costs, reducing staff, and eliminating safety measures to boost profitability. While these strategies might seem effective on paper, the real-world consequences can be devastating for workers and communities. Take the example of the U.S. Steel Corporation. Once a leading steel company, it struggled to keep up with industry innovations by 2014. The new CEO brought in McKinsey to turn things around. Following McKinsey’s advice, the company laid off dozens of workers, initially causing stock prices to rise. But soon after, the company faced significant losses and dangerous conditions led to tragic accidents, leaving the community in turmoil. Despite these outcomes, McKinsey faced no repercussions, highlighting a troubling pattern of prioritizing profits over people.
This pattern isn’t isolated. At Disneyland, McKinsey’s cost-cutting measures led to major maintenance reductions, resulting in accidents and even fatalities. Despite these serious issues, McKinsey denied responsibility, maintaining that it was merely following business principles. This disturbing trend raises important questions about who truly benefits from McKinsey’s advice. While corporations might see short-term gains, the long-term impact on employees and communities can be disastrous. McKinsey’s influence extends beyond just business; it affects the very fabric of society, often leaving ordinary people to bear the brunt of its strategies. This chapter sets the stage for understanding the complex and often hidden influence McKinsey wields in the modern world.
Chapter 2: Inside McKinsey: The Elite Consultants and Their Hidden Agendas.
Have you ever wondered who the people behind McKinsey are and what drives them? Most of McKinsey’s consultants are recruited from the world’s top universities, such as Harvard and Stanford. Each year, over 200,000 aspiring professionals vie for a spot at this prestigious firm, but only about 1 or 2% are selected. These consultants are often ambitious, driven by promises of wealth, prestige, and the opportunity to solve some of the world’s most complex problems. McKinsey markets itself as a place where talented individuals can make a positive impact on the world while enjoying a lucrative career. However, beneath this appealing facade lies a different reality.
Once consultants join McKinsey, many discover that the firm’s true priorities may not align with their initial expectations. Media investigations have uncovered McKinsey’s involvement with corrupt governments and unethical corporations, often hidden behind a veil of confidentiality. For example, McKinsey paid $600 million to settle claims related to its role in exacerbating the opioid crisis, a revelation that shocked many. This discrepancy between McKinsey’s advertised values and its actual practices creates a moral dilemma for its employees. Consultants are often exposed to the firm’s questionable dealings only after they’ve committed to working there, leaving them in a challenging position when they realize the true nature of their projects.
McKinsey’s culture emphasizes profits over people, a mindset ingrained from its early days. In the 1950s, when McKinsey advised General Motors on executive pay, it recommended strategies that favored top executives over workers, leading to a significant increase in income inequality. By the 1980s, McKinsey was openly advocating for layoffs and cost-cutting measures to improve efficiency and boost stock prices. These practices not only harmed workers but also contributed to a wider societal issue of growing wealth disparity. McKinsey’s relentless focus on maximizing profits often comes at the expense of ethical considerations and the well-being of ordinary people.
Moreover, McKinsey creates an environment where refusing unethical projects can jeopardize a consultant’s career. Although the company theoretically allows consultants to turn down projects that don’t align with their values, in reality, doing so can be detrimental to their professional growth within the firm. This pressure ensures that consultants continue to support and implement McKinsey’s profit-driven strategies, even when they may conflict with their personal morals. The result is a workforce that, despite initial idealism, becomes complicit in perpetuating harmful business practices. This chapter delves into the inner workings of McKinsey, revealing how its elite consultants navigate and sometimes compromise their values to maintain their positions in this influential firm.
Chapter 3: McKinsey and the Government: Shaping Policies with Hidden Agendas.
McKinsey’s influence isn’t limited to the private sector; it also plays a significant role in shaping government policies. The firm works extensively with various branches of the U.S. government, providing advice on critical areas like healthcare and immigration. But what happens when a profit-driven firm like McKinsey is involved in public policy? The reality is that McKinsey’s approach to government consulting mirrors its corporate strategies—focusing on cost-cutting and efficiency, often at the expense of essential public services.
Take Medicaid, for example. McKinsey was a key player in implementing Medicaid policies, securing lucrative contracts through insider connections. In Illinois, McKinsey initially offered free consulting services but eventually secured $75 million in state deals. Despite these substantial fees, the actual work McKinsey did was often unclear, leaving state hospitals underfunded and struggling to provide basic services. Similar patterns emerged in Arkansas and Missouri, where McKinsey’s initial free advice led to lucrative contracts that didn’t necessarily benefit the communities they were supposed to serve. This lack of transparency raises serious questions about the true value of McKinsey’s government work and who ultimately benefits from it.
Nationally, McKinsey has secured over $1 billion in federal contracts, often without undergoing competitive bidding processes. For instance, McKinsey regularly consults for the FDA while simultaneously advising the pharmaceutical companies the FDA regulates. This dual role creates a conflict of interest, undermining the FDA’s ability to effectively regulate the drug industry. Additionally, McKinsey has hired former FDA officials to assist big pharma clients in navigating regulatory challenges, further blurring the lines between consultancy and regulatory oversight. These practices highlight how McKinsey leverages its extensive network to secure lucrative government contracts while maintaining a significant influence over public policy.
Beyond healthcare, McKinsey has also been involved in shaping immigration policies. The firm worked closely with U.S. Immigration and Customs Enforcement (ICE) during the Trump administration, advising on strategies to expedite deportations and implement cost-cutting measures that often resulted in humanitarian crises. For example, McKinsey recommended lowering food standards in detention centers to save costs, despite the potential for severe negative impacts on detainees’ well-being. When some consultants voiced concerns over these practices, McKinsey’s management dismissed their worries, framing the work as purely professional problem-solving detached from political implications. This chapter explores how McKinsey’s government consulting practices prioritize efficiency and cost savings over ethical considerations and the well-being of vulnerable populations, revealing a stark contrast between the firm’s public image and its actual impact on public policy.
Chapter 4: McKinsey’s Role in Public Health: From Tobacco to the Opioid Crisis.
Public health is another area where McKinsey’s influence has had profound and often harmful effects. The firm has a long history of working with industries that have significant negative impacts on public health, such as tobacco and pharmaceuticals. In the 1950s, McKinsey began advising Philip Morris, a major tobacco company, on manufacturing and research strategies. Even after the 1964 Surgeon General’s Report confirmed the link between smoking and cancer, McKinsey continued to support the tobacco industry by developing targeted marketing strategies to keep profits high. This included creating campaigns aimed specifically at teenagers and minority groups, ensuring that smoking remained profitable despite growing public awareness of its dangers.
McKinsey didn’t stop with tobacco. In the early 2000s, the firm started advising Purdue Pharma, the maker of OxyContin, a highly addictive opioid painkiller. As addiction rates soared, McKinsey helped Purdue formulate strategies to sustain sales by targeting areas already experiencing high overdose rates. They also proposed ways to bypass pharmacies that were trying to limit access to opioids, further fueling the opioid crisis. By pushing aggressive sales tactics and expanding distribution channels, McKinsey played a significant role in the spread of opioid addiction, which has become one of the deadliest drug epidemics in U.S. history.
In addition to its work with tobacco and opioids, McKinsey has also collaborated with regulatory bodies in ways that create conflicts of interest. For instance, while advising the FDA on how to regulate the drug industry, McKinsey simultaneously worked with pharmaceutical companies to help them navigate and sometimes circumvent these regulations. This dual role undermines the FDA’s mission to protect public health, as McKinsey’s strategies often prioritize industry profits over patient safety. The firm’s involvement in both advising regulators and supporting the industries they regulate creates a dangerous cycle of influence that exacerbates public health crises rather than mitigating them.
The consequences of McKinsey’s actions in the public health sector are stark. In 2021, the firm paid $600 million to settle claims related to its role in the opioid crisis, yet it continued to deny any wrongdoing. This settlement underscores the severity of McKinsey’s impact on public health, highlighting how a powerful consulting firm can contribute to widespread harm while avoiding accountability. By prioritizing the interests of their corporate clients over the well-being of the public, McKinsey has repeatedly demonstrated a willingness to engage in practices that undermine public health initiatives and exacerbate health crises. This chapter reveals the deep and often destructive influence McKinsey has had on public health, painting a troubling picture of a firm that sacrifices human lives for corporate gain.
Chapter 5: Financial Turbulence: McKinsey’s Influence on Wall Street and the 2008 Crisis.
McKinsey’s impact extends deeply into the financial sector, where its strategies have had far-reaching and sometimes catastrophic consequences. The firm has maintained longstanding ties with Wall Street, advising top finance leaders since the 1930s. Many former McKinsey consultants have gone on to hold influential positions at major financial institutions like Goldman Sachs, Lehman Brothers, Morgan Stanley, and UBS. These connections have enabled McKinsey to play a pivotal role in shaping financial policies and practices that ultimately contributed to the 2008 financial crisis, the worst economic downturn since the Great Depression.
One of McKinsey’s most significant contributions to the financial sector was the promotion of securitization in the 1980s. Securitization involves bundling multiple loans into tradable securities, which McKinsey touted as an efficient and safe financial innovation. The firm published guides and articles encouraging banks worldwide to adopt securitization, presenting it as a superior alternative to traditional lending. However, securitization is inherently risky, as it obscures the true value and risk of the underlying loans. This lack of transparency and the increased speculation it facilitated laid the groundwork for the financial instability that led to the 2008 crisis.
McKinsey’s influence was evident in the practices of major financial firms leading up to the crisis. For example, Enron, the energy giant that collapsed in the early 2000s, implemented McKinsey’s securitization strategies, which contributed to its eventual downfall. By 2007, many McKinsey veterans were occupying top positions at Lehman Brothers, Morgan Stanley, and UBS, where they continued to apply the securitization techniques they had championed. These strategies enabled the bundling and selling of subprime mortgages, which were deceptively rated and globally distributed. When the housing bubble burst, the resulting financial turmoil triggered a domino effect, leading to widespread job losses, foreclosures, and economic hardship for millions of Americans.
Despite McKinsey’s role in promoting these risky financial practices, the firm managed to escape accountability following the crisis. It distanced itself from the fallout, claiming that the crisis involved different financial instruments than those it had promoted. However, the reality is that McKinsey’s endorsement of securitization normalized reckless financial behavior and contributed significantly to the instability that caused the 2008 crisis. This chapter highlights how McKinsey’s strategies in the financial sector not only facilitated the growth of high-risk financial products but also played a crucial role in the economic devastation that followed, showcasing the firm’s profound and often harmful influence on the global economy.
Chapter 6: Empowering Oppression: McKinsey’s Partnerships with Authoritarian Regimes.
McKinsey’s global influence reaches far beyond Western corporations and governments; it also extends to authoritarian regimes around the world. The firm’s willingness to collaborate with repressive governments has enabled these regimes to consolidate power, suppress dissent, and perpetuate corruption. One of the most notable examples of this is McKinsey’s work in South Africa, where the firm became entangled in a web of corruption and inefficiency that severely impacted the country’s infrastructure and energy sector.
After the end of apartheid in 1994, South Africa sought to rebuild and empower its black population. McKinsey entered the scene in 2005, advising state rail and port agency Transnet. By 2015, the firm secured a $700 million contract to restructure Eskom, the state power utility. However, McKinsey’s involvement coincided with rampant corruption among South African officials and dubious contract practices. The firm failed to properly vet its local black-owned partner companies, leading to partnerships with entities like Regiments Capital, linked to the corrupt Gupta family. These connections allowed the Guptas to manipulate government agencies and siphon off public funds, undermining South Africa’s efforts to rebuild and stabilize its economy.
The consequences of McKinsey’s actions in South Africa were severe. Eskom, already struggling financially and operationally, faced massive blackouts and inefficiencies as a result of McKinsey’s restructuring efforts. The firm’s inability to effectively manage and oversee its projects led to ongoing financial troubles for Eskom, leaving millions of South Africans without reliable electricity. Despite returning $74 million in fees due to improper deals, the damage was already done. The energy crisis in South Africa serves as a stark example of how McKinsey’s partnerships with corrupt entities can exacerbate existing problems and hinder progress in struggling nations.
McKinsey’s entanglements with authoritarian regimes are not limited to South Africa. Since the 1970s oil boom, the firm has maintained strong ties with Saudi Arabia’s repressive government, advising on numerous projects that support the regime’s interests. In 2011, during the Arab Spring, McKinsey worked with the Saudi royal family to quell unrest by recommending symbolic reforms that did little to address the underlying issues of repression and lack of freedoms. These strategies were implemented by Crown Prince Mohammed bin Salman, who later oversaw the brutal war in Yemen and was implicated in the assassination of journalist Jamal Khashoggi. McKinsey has also expanded its work with the Chinese government, including advising state firms and participating in projects near detention camps for the Uyghur Muslim minority. This chapter reveals how McKinsey’s collaborations with authoritarian regimes not only support oppressive agendas but also perpetuate corruption and human rights abuses, highlighting the firm’s role in empowering some of the world’s most repressive governments.
Chapter 7: The Green Facade: McKinsey’s Contradictory Stance on Sustainability.
Sustainability and environmental protection are values that McKinsey often highlights in its public image. At international forums like Davos, the firm’s consultants advocate for urgent action against climate change and emphasize their commitment to protecting the planet. However, a closer look at McKinsey’s actual business practices reveals a stark contrast between their green rhetoric and their real-world actions. While they publicly support sustainability, McKinsey continues to work extensively with major oil, gas, and coal companies, contributing to the very environmental issues they claim to oppose.
McKinsey’s client list includes some of the world’s top carbon emitters, such as ExxonMobil, Chevron, and Tech Resources. In China, the firm advises major steel manufacturers that are heavily reliant on coal, and in Indonesia, McKinsey counts some of the largest coal miners among its clients. These partnerships involve helping these companies cut costs, increase efficiency, and ramp up production, directly contributing to higher carbon emissions and environmental degradation. This contradiction between promoting sustainability and supporting fossil fuel industries exposes McKinsey’s true priorities, revealing a firm more interested in profits than in genuine environmental stewardship.
The personal experiences of former McKinsey consultants further illustrate this hypocrisy. Eric Edstrom, a young recruit, joined the firm with hopes of working on sustainability projects. However, he quickly discovered that most of McKinsey’s work involved advising coal companies instead of engaging in green initiatives. One day, Edstrom received a motivational video titled ‘Turning a Coal Mine into a Diamond in Six Months,’ celebrating a project that increased coal production by 26%. Despite coal being a major contributor to carbon emissions, McKinsey partners praised the project as a success, highlighting the firm’s preference for supporting polluting industries over pursuing sustainable solutions.
Resistance within the firm has been minimal. When Edstrom refused to work with fossil fuel clients, his career stalled, demonstrating the high cost of opposing McKinsey’s established practices. Recently, over 1,100 junior consultants protested the firm’s environmental hypocrisy in a signed letter. However, McKinsey’s leadership defended their work with polluters, arguing that transitioning from brown to green energy requires working with existing industries. This defense allows McKinsey to maintain its green rhetoric while continuing to reap substantial fees from advising major polluters. As of 2020, McKinsey has yet to secure any major green energy clients, instead focusing on advising oil and gas companies to maximize their profits, often at the expense of the environment. This chapter exposes the deep-seated contradictions in McKinsey’s approach to sustainability, revealing how the firm’s actions undermine its public commitments to environmental protection.
Chapter 8: The Cost of Secrecy: How McKinsey Avoids Accountability for Its Global Impact.
One of the most concerning aspects of McKinsey’s operations is the high level of secrecy that surrounds its work. The firm’s culture of confidentiality allows it to operate without public scrutiny, making it difficult to hold McKinsey accountable for the negative impacts of its advice. This secrecy is maintained through strict non-disclosure agreements with clients and a lack of transparency in the firm’s project outcomes. As a result, the true extent of McKinsey’s influence and the consequences of its strategies remain largely hidden from the public eye.
McKinsey’s opaque operations enable the firm to deny responsibility for the adverse effects of its consulting. For instance, after the U.S. Steel Corporation faced tragic accidents due to McKinsey’s cost-cutting measures, the firm did not face any significant backlash or legal consequences. Similarly, when Disneyland experienced safety issues following McKinsey’s recommendations, the firm distanced itself from the resulting accidents. This pattern of avoiding accountability allows McKinsey to maintain its prestigious reputation while continuing to implement harmful strategies across various sectors without facing repercussions.
Moreover, McKinsey’s secrecy extends to its financial dealings and partnerships. The firm’s ability to secure large government contracts without competitive bidding processes raises questions about transparency and fairness. In many cases, McKinsey’s lucrative contracts are awarded based on insider connections and long-standing relationships rather than merit or public benefit. This lack of openness not only undermines trust in public institutions but also perpetuates a system where powerful firms like McKinsey can exert undue influence without accountability.
The consequences of McKinsey’s secrecy are far-reaching. Without transparency, it is challenging to assess the true impact of the firm’s advice and to implement necessary reforms. Communities affected by McKinsey’s cost-cutting measures, such as workers losing their jobs or public services being underfunded, have little recourse for seeking justice or compensation. Additionally, the firm’s ability to operate behind a veil of confidentiality prevents meaningful public discourse on the ethical implications of its work. This chapter highlights the dangers of McKinsey’s secretive practices, emphasizing the need for greater transparency and accountability to ensure that consulting firms do not continue to harm communities and undermine public trust without facing consequences.
Chapter 9: The Human Toll: Personal Stories of Lives Affected by McKinsey’s Decisions.
Behind the statistics and corporate strategies lie the personal stories of individuals whose lives have been profoundly impacted by McKinsey’s decisions. These stories highlight the human cost of the firm’s profit-driven strategies, illustrating how McKinsey’s actions ripple through communities, families, and individual lives. By delving into these personal narratives, we gain a deeper understanding of the real-world consequences of McKinsey’s consulting practices.
Consider the story of Maria, a steelworker at U.S. Steel Corporation. When McKinsey was brought in to turn the struggling company around, Maria found herself among dozens of workers laid off. Initially, the layoffs were seen as a necessary step to improve the company’s financial standing. However, the cost-cutting measures led to reduced safety protocols, resulting in fatal accidents that devastated Maria’s community. Maria’s story is a poignant example of how McKinsey’s strategies prioritize corporate profits over the safety and well-being of workers, leaving families to cope with loss and financial insecurity.
Another heartbreaking example is that of Liam, a young employee at Disneyland. McKinsey’s recommendations to cut maintenance costs led to unsafe conditions on rides, culminating in tragic accidents. Liam lost his job following the layoffs, and the emotional toll of witnessing these safety failures took a significant toll on his mental health. The firm’s denial of responsibility further compounded the pain, leaving Liam feeling abandoned and betrayed by the very consultants who were supposed to protect the park’s guests and employees.
These personal stories are not isolated incidents but rather represent a broader pattern of harm caused by McKinsey’s consulting practices. From workers losing their livelihoods to communities grappling with the fallout of unsafe working conditions, the human toll of McKinsey’s decisions is profound and far-reaching. These narratives underscore the urgent need for greater accountability and ethical considerations in the consulting industry, highlighting the stark contrast between McKinsey’s public image and the real-life consequences of its strategies. This chapter brings to light the individual lives affected by McKinsey’s profit-driven approach, emphasizing the importance of recognizing and addressing the human impact of corporate consulting.
Chapter 10: The Path Forward: How to Hold McKinsey Accountable and Foster Ethical Consulting.
As we uncover the extensive and often damaging influence of McKinsey & Company, it becomes clear that meaningful change is necessary to hold the firm accountable and promote ethical practices in the consulting industry. Addressing the issues surrounding McKinsey’s operations requires a multifaceted approach involving increased transparency, stricter regulations, and a shift in corporate culture towards prioritizing people over profits.
One of the most critical steps in holding McKinsey accountable is enhancing transparency in its operations. Implementing stricter disclosure requirements for consulting firms can ensure that their practices and the outcomes of their projects are open to public scrutiny. This transparency would allow stakeholders, including employees, clients, and the general public, to better understand the impact of McKinsey’s advice and hold the firm responsible for any negative consequences. Additionally, independent audits and reviews of McKinsey’s contracts and projects could provide an unbiased assessment of the firm’s practices, ensuring that they adhere to ethical standards and contribute positively to society.
Stricter regulations are also essential in curbing the unchecked influence of consulting firms like McKinsey. Governments and regulatory bodies should establish clear guidelines and oversight mechanisms to monitor the activities of consulting firms, particularly those working with public institutions and vulnerable populations. These regulations could include mandatory competitive bidding for government contracts, conflict of interest disclosures, and penalties for unethical practices. By enforcing these measures, authorities can limit the ability of firms like McKinsey to operate without accountability and ensure that their advice aligns with the public good rather than corporate interests.
Furthermore, fostering a shift in corporate culture within consulting firms is crucial for promoting ethical practices. Encouraging consultants to prioritize ethical considerations and the well-being of people over profit can lead to more responsible decision-making and reduce the likelihood of harmful outcomes. This cultural shift can be supported through comprehensive training programs, ethical guidelines, and incentives that reward socially responsible behavior. Additionally, creating safe channels for employees to report unethical practices without fear of retaliation can empower consultants to stand up against harmful projects and advocate for positive change within the firm.
Finally, raising public awareness about the true impact of consulting firms like McKinsey is vital for driving change. Educating communities, employees, and stakeholders about the potential consequences of profit-driven consulting practices can build pressure for greater accountability and ethical standards in the industry. Advocacy groups and media investigations play a crucial role in exposing the hidden influence of firms like McKinsey, galvanizing public support for reforms and holding these powerful entities accountable for their actions.
In conclusion, addressing the challenges posed by McKinsey’s extensive and often detrimental influence requires a concerted effort to promote transparency, enforce stricter regulations, cultivate ethical corporate cultures, and raise public awareness. By implementing these strategies, society can mitigate the negative impacts of consulting firms and ensure that their expertise is used to benefit people and communities rather than solely serving corporate interests.
All about the Book
Discover the compelling exposé of McKinsey & Company, the global consulting titan, as journalists unravel its controversial influence on corporate practices, ethics, and governance in ‘When McKinsey Comes to Town’. A must-read for business enthusiasts.
Walt Bogdanich and Michael Forsythe are Pulitzer Prize-winning journalists known for their investigative rigor, unraveling corporate deception and shedding light on the dark corners of the consulting industry.
Business Consultants, Corporate Executives, Ethics Officers, Investors, Journalists
Business Strategy, Reading Business Literature, Investigative Journalism, Ethical Debates, Corporate Governance
Corporate Ethics, Consulting Practices, Accountability in Business, The Impact of Consulting on Societal Issues
Consulting is not just about solving problems; it’s about how you make the world a better place, one client at a time.
Malcolm Gladwell, Adam Grant, Seth Godin
Pulitzer Prize for Investigative Journalism, Gerald Loeb Award, National Headliner Award
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