Dangerous Company

Investment bankers were known as the masters of the universe during the 1980s. In the 1990s, that title has been usurped by the major consulting firms: McKinsey, the Boston Consulting Group, Bain & Company, CSC Index, Gemini, Deloitte Touche and Andersen Consulting. All exercise enormous power and influence in international business and increasingly in the public sector. Many companies do not undertake a major initiative - from the launch of a new product to a merger, to downsizing - without the assistance, advice and hefty fees of the consultants. AT&T during one recent year, for example, paid $347 million to consulting firms.