Conflicts cost $15 million

“McKinsey, U.S. Settle Bankruptcy Dispute,” The Wall Street Journal, February 20, 2019 B1.  McKinsey pays $15 million to settle allegations that it failed to disclose financial conflicts in its bankruptcy advisory practice.  That’s 10% of the fees the firm got.

Gee, if it only costs you 10%, and then only if you get caught, are people serious about reporting conflicts of interest?

Watch this space.  Expect more reports about this.

So, Information (conflicts) not disclosed as it should have been (Governance, Compliance).  What does it say about the culture at McKinsey?

 

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Filed under Theme One: Information, Theme Three: Compliance, Theme Two: Governance

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