Both have paid back the astronomical fees they extracted from SA public institutions, but this is not restitution
I’ve relished the past few weeks. There is little that could make me happier than seeing two of the largest US-based management consultants, McKinsey and Bain, getting their comeuppance.
Now that Bain has been banned from government contracts and McKinsey slapped with criminal charges, it would, in the name of non-discrimination, only be fair for the ban to be extended to McKinsey and for criminal charges to be laid against Bain. I expected that I would be remonstrated with for questioning the integrity of business royalty. Instead I was offered assistance in taking on McKinsey, which it appears had ripped off the business person’s firm in a manner similar to how state-owned enterprises had been treated. It would only be right and proper for SA’s business associations to advise their members to take the same distance from the two firms as the public sector has.
Want to peddle an addictive drug? McKinsey is your man: when Purdue Pharma’s sales of its deadly opioid OxyContin began to level off, it went to McKinsey, which advised Purdue on how to “turbocharge” sales, including advising it to offer a rebate to retail pharmacies based on the number of their customers who overdosed on the deadly drug. A former McKinsey employee characterised the firm’s philosophy as “We don’t do policy. We do execution.
One final secret that should be exposed: we will not miss them. I have had the misfortune to sit through presentations by these companies to various state-owned enterprise boards on which I served. Trust me, they offer nothing other than snake oil in Krug champagne bottles.
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