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By the 1990s, with McKinsey-led financialization sweeping the economy and ever-increasing pressure from activist shareholders for companies to boost profits, the firm pushed a big new idea to its clients: reducing the amount paid out in claims. In McKinsey-speak: “After years of squeezing the cost …

In one slide, McKinsey told Allstate to try to settle 90 percent of its claims as quickly and as cheaply as possible. For the other 10 percent, policyholders or third-party claimants who didn’t take the Allstate offer or, even worse, hired a lawyer, the “boxing gloves” treatment was in order. They …

OxyContin first sank its teeth into the poorer communities. “From a sales perspective, OxyContin had its greatest early success in rural, small town America—already full of shuttered factories and Dollar General stores,” Beth Macy wrote in Dopesick, her powerful account of opioid addiction and abus…

McKinsey also consulted for a group widely viewed as a tobacco industry front group—the Foundation for a Smoke-Free World. Founded in September 2017, the nonprofit organization asserted that its goal was to reduce deaths and disease from smoking while assuring potential donors that its board was in…

Murray H. Bring, a senior Philip Morris lawyer, said the industry had nothing to apologize for. “We know that we are manufacturing a lawful product,” Bring said. “We also know that we are honorable and honest people.” Geoffrey Bible, a senior Philip Morris executive, cautioned against banning cigar…