The Big Con by Mariana Mazzucato & Rosie Collington

Author:Mariana Mazzucato & Rosie Collington [Mazzucato, Mariana & Collington, Rosie]
Language: eng
Format: epub
ISBN: 9781802060270
Publisher: Penguin Books Ltd
Published: 2023-01-05T00:00:00+00:00

Privatizing bankruptcy, avoiding blame

Following a competitive tender, McKinsey was contracted as the Oversight Board’s ‘Strategic Consultant’.7 While advisory in principle, in practice this role saw McKinsey consultants at the wheel of various aspects of the economic restructuring process. Journalists on the ground described the interaction between Puerto Ricans and McKinsey consultants as ‘a shock – like an emergency airlift from Harvard Business School’:

The senior full-time consultant in Puerto Rico – acting as its ‘integrating thought leader’ – was a 31-year old graduate of Harvard and the School of Advanced International Studies at Johns Hopkins. A recent graduate of Harvard’s Kennedy School of Government was doing ‘deep dives’ into the education and tourism budgets as well as examining police-department pension projections. A 2016 graduate of Columbia University helmed the ‘rightsizing’ initiative and assisted with financial calculations to, for example, identify a date when the government ‘would run out of funding were it to defer reductions’ in personnel costs. The analyst handling hurricane ‘damage assessment analysis’ was from Yale’s class of 2017.8

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