McKinsey’s banking work earned the ire of Paul Volcker, the Fed chairman at the time of the Continental rescue, who quipped to the president of the Federal Reserve Bank in Dallas that “in his day he knew a bank was headed for trouble when it grew too fast, moved into a fancy new building, placed the chairman of the board as head of the art committee, and hired McKinsey & Co. to do an incentive compensation study for senior officers.”25 The
