[mentalgear]

It's not just that they're too big—it's that they're morally corrupt and largely unregulated. These firms have been involved in everything from tobacco lobbying to the 2008 financial crisis to pushing opioids, and that’s just scratching the surface. Despite their role in these crises, they’ve faced zero accountability and continue to rake in massive profits.

As for their supposed value (which comes directly from ex-employees): big consulting firms are essentially hired as a liability shield for the C-suite. Their main job is to back up whatever the CEO already wants to do (usually cost-cutting). This way, executives can claim: a) "McKinsey recommended it, so it must be right," and b) "If it goes wrong, it’s on McKinsey, not us."

[throw4950sh06]

How do you want to regulate somebody giving advice to people for money?

[VHRanger]

Correct.

The word here is not "regulate" it's "enforcement".

People doing illegal things should face personal responsibility on the actions. So do managers who approved it.

The issue with enforcement is the same thing that happened in 2008: enforcing white collar crimes is expensive and high risk for prosecutors who want slam dunks to advance their careers

[mentalgear]

While I agree with enforcement, without a basis in law, enforcement is not possible. And it has become apparent that much of the damage could be prevented if better policies were in place.

Unfortunately, WallStreet/Banks/Consulting are always actively lobbying to de-regulate what is left and actively block new legislation.

[terminalbraid]

> they’ve faced zero accountability

https://www.insurancejournal.com/news/national/2024/10/18/79...

Is that not an example of accountability directly for the things you're complaining about?

[eesmith]

How much did they make from helping lying drug dealers? The article doesn't say. If damages weren't at least 3x revenue + attorney fees, it's the cost of doing business. It's not like every shady thing they do gets caught.

Better would be if people faced jail time.

[ziptron]

Since this is reported on by "Insurance Journal" it makes wonder how much of this fine was paid for by their liability insurer. Does anyone know? Presumably they have no coverage for illegal activities, but they never agreed they did anything illegal.

[FactKnower69]

Don't forget fixing bread prices!

[mentalgear]

What a pity, small minded argument that does only assumes absolutes.

[fuzzfactor]

>Have McKinsey and its consulting rivals got too big?

Do they still exist?

Then, yes.