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Report: Chelsea Clinton takes six-figure consulting job
AP | 3/08/03

Posted on 03/08/2003 1:24:16 PM PST by kattracks

NEW YORK (AP) -- Chelsea Clinton will start a six-figure consulting job after she receives a master's degree from Oxford University later this year, Newsweek magazine reports on its Web site.

The daughter of former President Clinton will work in the New York office of London-based McKinsey & Company, newsweek.com reported Friday.

Clinton, 23, accepted the position Friday after she reportedly turned down McKinsey's offer of $100,000 a year to work at its London headquarters, according to the Web site.

A spokesman for McKinsey did not immediately return a call for comment Saturday, nor did Bill Clinton's office.

Clinton, who is studying international relations at Oxford, will be one of 5,000 McKinsey consultants worldwide who research topics ranging from health care to corporate finance.



TOPICS: Business/Economy; News/Current Events
KEYWORDS: billclinton; bribe; bubbaclinton; buyingaccess; chelseaclinton; consultingunquote; hillaryclinton; impeachedpresident; overpaid; politicalbribe; scratchmyback; senatorclinton; underqualified; x42
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Chelsea's new job is high-power
1 posted on 03/08/2003 1:24:16 PM PST by kattracks
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To: kattracks
Can anyone tell me how this kid managed to get a bachelor's degree, and subsequent masters, all the while gallavanting around the world with her parents?
2 posted on 03/08/2003 1:27:41 PM PST by egarvue (Martin Sheen is not my president...)
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To: egarvue
Good question! How did she ???
3 posted on 03/08/2003 1:29:31 PM PST by Disgusted in Texas
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To: egarvue
Even more ridiculous is this:

Can anyone tell me how McKinsey can justify paying this 23 year old $100,000 for her "skills".

I have worked with many of these young comsultants before - they essentially learn from their customers, chew on what they learn and spit it back out in glorigified Powepoint grids and scales.

McKinsey knows EXACTLY what it bought - access to Dad and Mom.
4 posted on 03/08/2003 1:30:59 PM PST by txzman (Jer 23:29)
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To: egarvue
I dunno about any high powered job, but just read some headline in the Enquirer about Chelsea and a "pregnancy nightmare." THAT seems more like it, to me....
5 posted on 03/08/2003 1:31:24 PM PST by CarmelValleyite
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To: kattracks
Oh, barf. This still-wet-behind-the-ears kid has never worked a day in her life. The biggest thing she has ever done is to break up the most recent Palestinian-Israeli peace conference -- both sides were so insulted to have her sitting in that they went home early.

This is a sheer publicity stunt for the firm, or a bribe.

6 posted on 03/08/2003 1:32:27 PM PST by afraidfortherepublic
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To: CarmelValleyite
Oh, a pregnancy wouldn't be a nightmare for Chelsea. She'd just get an abortion and forget about it.


Hey...CarmelValleyite.........I'm an "Aptician" (Aptos)
</;o)
7 posted on 03/08/2003 1:34:00 PM PST by EggsAckley (nuke the vegan tree-hugging gay whale terrorist ACTORS for jesus)
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To: kattracks
Only in America...
8 posted on 03/08/2003 1:34:01 PM PST by Cindy
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To: afraidfortherepublic
It's both. Let's face it, if we were CEOs and this outfit sent Chelsea over to our office to 'consult', we'd both send her back and request someone else with a brain and some experience.
9 posted on 03/08/2003 1:34:05 PM PST by anniegetyourgun
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To: kattracks
Yeah, she must be a genius to have gotten that degree while on the road non-stop with mom and dad. And since then, she is constantly caught on camera out on the town or taking in fashion shows with her good buddy, Gwyneth Paltrow (UGH).

Just what IS her area of expertise, anyway? HAHAHAHAHA
10 posted on 03/08/2003 1:34:28 PM PST by CarmelValleyite
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To: kattracks
Can someone post her grades? I would love to know what her grades were as she's never at school.
11 posted on 03/08/2003 1:34:39 PM PST by I_Love_My_Husband
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To: egarvue
I believe this is how


12 posted on 03/08/2003 1:34:43 PM PST by Blue Highway
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To: kattracks
She has learned well from her old man and old lady how to screw her fellow man and rape the system. Bill and Hill should be proud.
13 posted on 03/08/2003 1:36:05 PM PST by O.C. - Old Cracker
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To: kattracks
One certainly does wonder what kind of "consulting" can be done by a sheltered 23-year-old girl. I say follow the money. Obviously the six-figure salary is a way for whoever is paying it to buy access to, or curry favor with, the parents.
14 posted on 03/08/2003 1:38:29 PM PST by SamAdams76 (California wine tastes better - boycott French wine!)
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To: I_Love_My_Husband
Researching:

found this:

30 May 2001
who: Chelsea Clinton
what: Offered place at University College
where: Oxford
when: This year
snippet: The course on offer is a two-year MPhil course in international relations, reports The Times. "She will hope to secure her father's old room, one of the most sought-after spots in the college."
15 posted on 03/08/2003 1:38:34 PM PST by I_Love_My_Husband
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To: kattracks
$100k to start, no experience necessary. Apply within.
16 posted on 03/08/2003 1:49:30 PM PST by weegee
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To: txzman
Not dad, he's yesterday's news (unless the un makes him king of the world).

This looks like the bribing of the junior senator from new york.

17 posted on 03/08/2003 1:49:46 PM PST by farmguy
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To: Cindy
McKinsey & Company must either need to pi$$ away some money, is anticipating a political favor from NYs junior senator, or is maybe paying one back already received.
18 posted on 03/08/2003 1:54:01 PM PST by b4its2late (If you can't beat them, arrange to have them beaten.)
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To: kattracks
http://www.eastbay.com/catalog/productdetail.cfm?&module=equipment&action=sportsSearch&supercat=equipment&model_nbr=25514&sku=ZD70190&id=190401&mvp=sport&banner=&SID=7690
19 posted on 03/08/2003 1:57:57 PM PST by larryjohnson (FReepersonaltrainer)
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To: kattracks
Clinton, 23, accepted the position Friday after she reportedly turned down McKinsey's offer of $100,000 a year to work at its London headquarters, according to the Web site

I guess those expected offers in the 250K range from long time NY liberal pals just didn't pan out.

Sadly, she's still in the low income range as compared to some hollyweird and entertainment types her age. I guess you have to work with whatever Satan gave you - in her case, Bill and Hill.

20 posted on 03/08/2003 1:58:08 PM PST by TADSLOS (Sua Sponte)
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To: egarvue
can anyone tell me why this is news.her mommy and daddy threatened to kill someone if she didn't get the job.
21 posted on 03/08/2003 1:58:32 PM PST by dalebert
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To: kattracks
Chelsea must really have a mouth on her!
22 posted on 03/08/2003 2:00:22 PM PST by shadeaud
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To: txzman
I knew a woman who started at McKinsey at age 23. She was pretty damn impressive...got her bachelors and MBA from U Penn/Wharton, while holding down an analyst job for a REIT (complete workaholic, this woman). She grew up as an 'army brat' living all over southeast asia-spoke 5 languages fluently. Super smart and personable. She deserved the job, and she did very good work for various clients, from what I saw.

The younger consultants are seldom experts in the industry of the client. That's not what they're brought on for. The partners and senior consultants are experts; the newbies are workhorses like you wouldn't believe. Will Chelsea be held to the same workload/performance standards? I know what your answer is already. It'll be interesting to hear from the mck grapevine what really happens.

As far as justifying the pay...if only you knew how much mck billed for an associate's time...

23 posted on 03/08/2003 2:05:02 PM PST by HassanBenSobar (where are my lawn darts?)
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To: shadeaud
Chelsea must really have a mouth on her!

Well, sure. She got it from her dad...

24 posted on 03/08/2003 2:08:09 PM PST by COBOL2Java
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To: kattracks
The only justification I can imagine for this "arrangement" is that McKinsey must have serious skeletons (perhaps bad advice to clients that could get them in legal trouble?) that they need buried with the assistance of the Witch of New York.

If Chelsea had any ounce of self-respect she would reject such an arrangement and would go out on her own and deal with the consequences. It really would make her a happier and better person and she might no longer feel the need for the endless drinking binges.

Yes, she dealt a raw deal in life by having two of the biggest dirtball parents on the planet. Yes, so far everyhting she has done in life has been stupid and bad.

But, she it still young and can turn this thing around!
25 posted on 03/08/2003 2:09:27 PM PST by cgbg (Chelsea needs to be locked in a room with the collected works of C.S. Lewis!)
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To: kattracks
"Those who can, do.

Those who cannot, teach.

Those who cannot teach, consult.

26 posted on 03/08/2003 2:11:15 PM PST by Stefan Stackhouse
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To: HassanBenSobar; All
If this company wants to pay that much money for so little of substance, they're just demonstrating to their clients how worthless their services really are. I hope the clients are more than a little leary of spending good money, only to get the utterly inexperience and undereducated Chelsea. BTW, here's the NY Daily News story:

Chelsea Clinton joined her father in helping reduce the nation's unemployment rolls by getting a job, it was reported yesterday. Former President Bill Clinton announced Thursday that he had signed on with CBS to do a regular debate segment with Bob Dole on "60 Minutes."

Daughter Chelsea is filling out her W-2 forms at the Manhattan offices of McKinsey & Co., high-powered international consultants to an array of large corporations, Newsweek magazine said on its Web site. The former First Daughter, who is wrapping up studies at Oxford's University College, had been working with McKinsey's London office.

McKinsey confirmed Chelsea Clinton was on board in New York, but declined to comment on her salary, the magazine said. But a former recruiter for the firm told Newsweek that most new associates earn between $115,000 and $120,000 a year, plus a signing bonus of $10,000.

Average applicants have to be in the 99th percentile on all of their standardized test scores and have straight A's in college. The firm even looks at SAT scores, Newsweek said. As one of 5,000 consultants worldwide, Clinton will look forward to long hours, lots of travel and no bragging about the job.

"It's very secretive," the former recruiter said.

After three years, Chelsea Clinton can specialize in anything from health care to consumer goods to corporate finance. The downside, said the former recruiter, is that "she'll have no personal life whatsoever." link

I doubt that last part. Chels and her boyfriend won't miss a single movie premiere or fashion show.

27 posted on 03/08/2003 2:11:18 PM PST by mountaineer
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To: kattracks
Somebody BEAM ME UP!...I'm series!...I gotta get outta here!

FMCDH

28 posted on 03/08/2003 2:12:15 PM PST by nothingnew (the pendulum always swings back and the socialists are now in the pit)
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To: HassanBenSobar
Nothing unusual in a really smart kid with Stanford and Oxford degrees to get a 100K job. Some will make partner and some will get washed out. But normally they have an MBA, law, or economics degree, top of the class, stellar recommendations, and real credentials. Chelsea is cafe society, not focused ambition. She spends more time drinking than hitting the books. No track record, no brains, no promise.

That leaves famous connections.
29 posted on 03/08/2003 2:14:13 PM PST by Cicero (Marcus Tullius)
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To: kattracks
Anybody know what Amy Carter is doing these days
30 posted on 03/08/2003 2:26:12 PM PST by uncbob ( building tomorrow)
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To: txzman
In her first interview, McKinsey probes Chelsea's qualifications for a $100,000 job:

Question 1: Estimate the number of manhole covers in New York. Divide by the number of Texans convicted of insider trading in 1987. Assess the global economic impact of the removal of the resulting number of manhole covers and their subsequent transfer to emerging markets with significant levels of interest rate volatility. Bonus points for solving Fermat's last theorem.

Question 2: Are you willing to die/trade your grandmother/spend an extended period of time in minimum security prison for McKinsey? (If yes, ignore question 1. Automatic offer.)

Question 3: Is your father a former U.S. President? (If yes, ignore question 1. Automatic offer.)

Question 4: Does at least 90% of your work wardrobe (if female) consist of Blass and Manolos? (If no, please explain.)

Question 5: With how many CEOs of potential client companies does your father play racquetball? (If none, please explain.)

31 posted on 03/08/2003 2:32:37 PM PST by Liz
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To: Cicero
Which is why I will be interested to hear the scuttlebut from people I know in the new york office. If she's treated differently it will stink to high heaven in a firm that prides itself so much on integrity.
32 posted on 03/08/2003 2:35:00 PM PST by HassanBenSobar (where are my lawn darts?)
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To: mountaineer
Well, there's no question mck can afford to pay her that salary and have her sit around. The rest of the recruits will be put through the mill and generate more than enough profit to make up for it. Clients will still pay, and they'll get their pound of flesh, no question.

Mck and other firms typically deflect this issue of new associate inexperience by making available the resources of the firm as a whole. That means that a clueless associate just gets on the phone with industry experts of all stripes and gets their input on any specialized problems that come up. If necessary, the experts come in person. Plus, the partners/experienced consultants are *always* specialized. So it's not really an issue. (CEOs, despite their reputation, are not all as clueless as you might think when it comes to spending shareholder's money).

33 posted on 03/08/2003 2:46:30 PM PST by HassanBenSobar (where are my lawn darts?)
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To: uncbob
Anybody know what Amy Carter is doing these days

From What ever happened to Amy Carter?

Carter went on to pursue a master's degree in art history at Tulane University in New Orleans. There she met James Wentzel, a computer consultant, whom she married in 1996.

Today, Amy Carter (she kept her name) lives a quiet life in Atlanta with her husband and seven-month-old son, Hugo James Wentzel. She declines to be interviewed. She is a board member at the Carter Center, the human rights and diplomacy center established by her father.

Carter also illustrated a children's book, "The Little Baby Snoogle-Fleejer," (Times Books, 1995), written by her famous father.


34 posted on 03/08/2003 2:53:12 PM PST by COBOL2Java
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To: kattracks
I wonder why this job didn't go to a minority. What happened to Affirmative Action?
35 posted on 03/08/2003 2:55:56 PM PST by just wondering
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To: kattracks
It's known in the business as buying access.
36 posted on 03/08/2003 3:00:56 PM PST by rogers21774
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To: just wondering
I wonder why this job didn't go to a minority. What happened to Affirmative Action?

You might ask Miguel Estrada about that one.

37 posted on 03/08/2003 3:01:58 PM PST by Aeronaut (This project is so important, we can't let things that are more important interfere with it.)
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To: egarvue
Chelsea Clinton's masters degree is a joke.....she hardly attended any classes at Stanford......remember, originally she was pre-med and had to change her major......this just burns me because there are people who honestly worked for their degree and went to class and this b*tch gets the job.....I guess the apple didn't fall too far from the tree....
38 posted on 03/08/2003 3:15:02 PM PST by little-e
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To: kattracks
I'm surprised that the job offer wasn't from Revlon. Just think, if not for Linda Tripp, Chelsea and Monica could be sharing a cubicle together.
39 posted on 03/08/2003 3:18:55 PM PST by Clarksville
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To: kattracks
The perfumed princess scores a sweet deal. What a shock.
40 posted on 03/08/2003 3:22:48 PM PST by Freakazoid
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To: HassanBenSobar
McKinsey & the Upstarts

Source: Consulting Magazine, 01/00

Part One: McKinsey At Crossroads

By Jack Sweeney

Nowhere has the consulting profession more gracefully withstood the test of time than behind the walls of McKinsey & Co. But nowhere is time now in shorter supply. Consulting's 73-year-old blue-chip stalwart is facing the fight of its life, as an upstart clan of digital consultancies issues a challenge that cannot be ignored.

It's a balmy autumn morning in New York City, and Roger Nelson is entering the final 48 hours of his career as head of Ernst & Young LLP's $4 billion consulting arm -and yet, all E&Y's top consultant wants to talk about is McKinsey & Co.

Somewhere, buried in this morning's Financial Times, McKinsey's managing director Rajat Gupta has disclosed that the firm is now taking equity stakes in a number of its clients, and Nelson can't resist reading between the lines.

"This is a huge departure for them. This is against the very premise of what they often refer to as independent thought, and at McKinsey, independence has always meant no equity," explains Nelson, who seems to be savoring the news as if McKinsey's disclosure was in some way a fitting final chapter to his own consulting career.

SNIP

"We have a strong desire to participate in the new economy, and there were certain requirements to doing so, and we wanted to make sure we remain responsive to those requirements," says Gupta, who estimates the number of McKinsey's consulting-for-equity clients to now be about 100.

To bolster the firm's responsiveness, a year ago McKinsey established what it calls the office of the managing director -a group of about a half-dozen senior partners who today help Gupta champion issues surrounding both people development and knowledge building. More than providing additional shepherds to keep an eye on McKinsey's stray "cats," the new office is focused on speeding up the consultancy's decision-making. Only a handful of practices today report directly to the elite group; among them is the firm's e-business unit now headed by McKinsey partner John Hagel, author of the best selling e-business books Net Worth and Net Gain. Hagel says that the office has recently been working to enhance the firm's people development practices to better attract the talent it needs to compete in the New Economy.

More...

41 posted on 03/08/2003 3:36:33 PM PST by kcvl
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To: just wondering
I wonder why this job didn't go to a minority. What happened to Affirmative Action?

Surely you're forgetting that Bill was the first black president of the USA.

42 posted on 03/08/2003 3:54:36 PM PST by HusbandMan
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To: kattracks
the insurance sector one of the largest and fastest growing industries within McKinsey.

-------------------------------------------------------------------

"Inside McKinsey" - Businessweek 7/8/2002

Enron, which was paying McKinsey as much as $10 million in annual fees

the rise of Ron Hulme, an affable, low-key senior partner and a leader of its energy practice, who managed the Enron account from McKinsey's Houston offices. Like many of the firm's consultants, Hulme penned essays extolling the virtues of Enron. As McKinsey's annual billings climbed higher and higher at Enron--at one recent point exceeding $10 million--Hulme commanded greater influence in the firm, helping to lead partner conferences and key initiatives. Some insiders even considered him a potential successor to Gupta, though that's now an unlikely prospect, given Enron's collapse. "Despite his young age, he had tremendously high standing and power that derived from the Enron relationship," says a former McKinseyite. Hulme declined to comment.

Hulme did not initiate McKinsey's Enron business. Like many of the deepest and most lucrative corporate relationships, it began with one consultant who instantly impressed a client with his brilliance and insights. Jeffrey Skilling, then McKinsey's partner in charge of the worldwide energy practice, began advising Enron in the late '80s, but the relationship was cemented when he joined Enron in 1990 with the mandate to create a new way of doing business. Skilling, who once said he felt as if he were "doing God's work" at McKinsey, had proposed that Enron create a portfolio of fixed-price purchase and supply contracts that would supposedly eliminate supply risks and minimize the price fluctuations of the spot market for trading natural gas.

After joining Enron, Skilling repeatedly turned to McKinsey teams for analytical help and advice. "They infiltrated Enron with Jeff, and he was just the tip of the iceberg," says a former McKinsey consultant who worked at Enron. "There were all sorts of McKinsey people who went in over the years. They were so happy they had Enron locked up."

Indeed, several other prominent McKinsey consultants migrated to Enron as employees, including partner Doug Woodham, who left the firm in 1994 for a four-year stint as vice-president at Enron Capital & Trade Resources, where he led a team that developed an electric power and natural gas hedge fund. As Enron work became more financially driven, McKinsey teams there increasingly drew on partners with expertise in trading, risk management, and investment banking. At any given time, McKinsey had as many as 20 consultants at the energy company, several stationed in Enron's offices.

McKinsey also helped Enron formulate its now-discredited broadband strategy, in which it built a high-speed fiber network to support the trading of communications capacity. Among other things, McKinsey, over about six months, helped to gauge the size and growth of the market. And, like Enron and many others, it didn't see the telecom meltdown coming. McKinsey also helped to set up the finance subsidiary that Enron later portrayed as its growth engine, and also assisted the firm with its commodity risk management operations.

A former Enron senior executive says McKinsey consultants wielded influence throughout the organization. "They were all over the place," he says. "They were sitting with us every step of the way. They thought, `This thing could be big, and we want credit for it."' The extent of its work there and its access to senior management exposed the firm to much of Enron's inner workings. Over the years, McKinsey partners Hulme and Suzanne Nimocks had numerous one-on-one discussions with Skilling, according to former Enron executives.

More...

43 posted on 03/08/2003 3:58:12 PM PST by kcvl
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To: kattracks
Seems we should put McKinsey on the "watch list" for monitoring donations to Hillary & HillPac.
44 posted on 03/08/2003 4:31:01 PM PST by stylin19a (all in all - I'd rather be golfing)
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To: kcvl
Old news, the bit about equity vs fees. My impression was that the equity was managed in some sort of double-blind account, and that typically it was pretty aggressively managed (e.g., wasn't held very long if it looked like a loser).

As far as bankrupt clients go, Enron is just the tip of the iceberg. But hey, most companies won't pay for expensive advice unless they're in a whole heap of trouble....and sometimes it's intractable. On the other hand, I know first hand that mck's advice is not always right. But they're right often enough to stay in business.

45 posted on 03/08/2003 4:48:34 PM PST by HassanBenSobar (where are my lawn darts?)
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To: cgbg
I think McKinsey is ran by liberals who embraced clintonism. The Clintons were proponents of a kind of economic fascism. "Partnerships" with gov't, business and x. Birds of a feather flock together.
46 posted on 03/08/2003 5:24:21 PM PST by virgil
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To: virgil
Nice theory. But the leaders of the firm (at least the ones I know) are a rather conservative bunch. Which of the firms leaders do you know who embrace Clintonism?
47 posted on 03/08/2003 5:33:57 PM PST by HassanBenSobar (where are my lawn darts?)
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To: mountaineer
The downside to the Dems will be the skilled, experienced Americans who have lost jobs and are looking for new ones. Now they have to watch this 23-year old with no experience and a sketchy education pull a six-figure salary. And, those who need a consultant, would have to think at least ten times before taking on the company who hired Chelsea Clinton, unless they are counting on Hillary doing the job for them, which she probably would do. Smells bad.
48 posted on 03/08/2003 5:44:41 PM PST by maxwellp (God Bless President Bush)
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To: kattracks
Aat least she's screwing HER employers BEFORE her first day on the job.
49 posted on 03/08/2003 5:47:35 PM PST by geedee
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To: COBOL2Java
Thank you for the small photo. Even so, they both look pretty damn ugly.
50 posted on 03/08/2003 5:51:44 PM PST by Hank Rearden (Dick Gephardt. Before he dicks you.)
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