Replay McKinsey, une firme au coeur du pouvoir - Cash investigation

- E.Lucet: Good evening. Follow me, we're going to try to interview the boss in France of one of the largest consulting firms in the world. There has been a lot of talk about it lately. Tonight, “Cash Investigation” investigates McKinsey. Good morning. E.Lucet for “Cash Investigation”. I wanted to ask you some questions. - I'm expected. - E.Lucet: Yes, but we have been waiting for you for months. I would like you to answer this question. ... - You've been talking to us about 'Cash Investigation' on McKinsey for a while ." "If you're looking for a subject for

'Cash Investigation', you have plenty to do with McKinsey. I'm counting on you." McKinsey, everyone discovered this name during the health crisis. *-The government requested a strategy consulting firm, McKinsey, on logistics, supply and distribution of vaccines. - But actually, what is McKinsey? When McKinsey arrives in a ministry or a company, it is to write. Its highly qualified consultants work day and night to quickly provide answers to the problems of big bosses and heads of state. For these missions of a few weeks, they are paid a high price. McKinsey is the world number 1 among all consulting

firms. Its turnover: 15 billion euros in 2022. Its nickname: “the firm. ". - I was surprised. They're just nice people. - Except that these nice people find themselves at the heart of a state scandal during the 2022 presidential election. firm" are revealed. McKinsey becomes the McKinsey business. - A word on this sticking plaster that you are unable to remove at the end of the campaign, the McKinsey affair. - The government called on the consulting firm McKinsey. - You have heard all the revelations surrounding the McKins affair - E. Macron: We must be very clear because

we have the impression that there are schemes going on. This is false. There are public procurement rules. France is a country of law. let it go to court. - McKinsey is now at the heart of 3 legal investigations in France. In the first chapter of our story, we will reveal to you how several McKinsey consultants put themselves at the service of a man for free to help him conquer the Elysée in 2017... Cheers. - E.Macron: Everyone told us it was impossible. But they didn't know France! - And above all, no one knew then the links

between E.Macron and certain consultants - E.Macron: Long live France! - Their relationship began a few years earlier. Come on, for this investigation, we're pulling out all the stops, the DeLorean, the super car to go back in time, just that. On the way to the year 2007, name of Zeus! Here we are now in the courtyard of the Elysée with N.Sarkozy, who has just been elected. He wants to revive the economy. For this, he asked J.Attali to create a large commission. Trade unionists, economists, business leaders. Among them, the director of McKinsey France, E.Labaye, who we see

here greeted by N.Sarkozy. 4 consultants from “the firm”. - J.Attali: We auditioned 400 people. It was a gigantic job. This workforce of high intellectual level was more than welcome. They are able to very quickly analyze an area they are unfamiliar with. They are able to make a comparison with what is done abroad. If we say "we would like to try such and such a reform", they quickly say: "This reform took place in such and such a country, it worked or not." - To summarize the debates, J.Attali needs a pen. He chooses a young financial inspector.

Do you recognize him there, behind his mentor? - J.Attali: I asked the financial inspectorate to provide me with a list of available people. For me, the best of them in terms of technical skills was E. Macron. He had exceptional technical skill. We met for entire weekends to reread the text and amend it. Emmanuel wrote half of the report. on the link which was then established between the McKinsey consultants and E.Macron. - Is this where the connection is made between E.Macron and the McKinsey firm? - J.Attali: Yes, without doubt. I'm thinking while talking to you. Emmanuel

worked with consultants from McKinsey who helped him prepare the report. I suppose they met there. - The commission was also a place where friendships were born. - J.Attali: It was a moment of grace. It created a collusion of people who learned to respect each other, to find consensus. I am sure that new friendships have been made. - And future business relationships? - J.Attali: Surely. - According to our information, E.Macron would have become particularly close to a consultant from “the firm”, K.Tadjeddine. They share the same ideas and even an ambition: the conquest of power. In a

few years, K. Tadjeddine was propelled to the head of the McKinsey department which sells advice. A war machine, the kind that never looks at its notes. - K.Tadjeddine: There are only 21% who think that the children will be happier than us. - He rattles off percentages endlessly in seminars. - K.Tadjeddine: 40% in Europe, 35% in the rest of the world. That's about a third. There are about 10%. There are 8%... We are less than 10%... - E.Macron, after a stint at the Rothschild bank, joined F.Hollande in a key position: deputy secretary general of the Elysée.

Minister of the Economy. This is where E.Macron and certain consultants from McKinsey will work together again. On November 9, 2015, in a show worthy of Silicon Valley, the very young minister presented Noé, a bill to develop the digital economy. - E. Macron: Hello. - He salutes the members of the committee, who helped him draft this bill. - E.Macron: With C.Barbaroux, J.-M.Borello... I see all the participants. - However, E.Macron neglects to mention certain names, that of E.Labaye. In all, 4 consultants from the firm actively participated in the development of this bill. They were not present that

day. But the minister relies on their graphs to illustrate his ideas. - E.Macron: The more to the right you are, the higher the weighted potential for disruption, and therefore the more you are already in disruption. Digital technology and changes in usage have shocked you. - Ultimately, this law will never see the light of day. All this work provided by McKinsey was not invoiced to the ministry. This is called a pro bono mission, a very common practice in consulting firms. When McKinsey puts itself at the service of ministers for free, wouldn't it have an idea behind

its head, for example to later sell missions or build a network? A former associate director explains the strategy of “the firm” to us. He testifies anonymously. To protect him, an actor repeats his words word for word. - When the Minister of the Economy calls you for a pro bono, you cannot say no. They are important people. Pro bono creates a link for discussions with clients. It’s creating opportunities for future contracts. We try to be close to all the people who could, one day, gain importance. - McKinsey therefore participated in the development of a bill. But

they did much better. Behind the scenes, certain consultants will serve E. Macron's presidential ambitions. Barely arrived at the Ministry of the Economy, he is already thinking of becoming the next president. Yes, he is there, and he has great ambitions. We obtained a confidential document, previously unrevealed. He revealed E.Macron's ambitions in August 2014, even before F.Hollande appointed him minister. It is written by those close to him. Its name: Transition 2017. It reads in particular that the "republican parties, UMP and PS, are no longer able to meet their responsibilities". It is therefore necessary to form a transitional

government in 2017 and choose the one which will best represent In the greatest secrecy, meetings are taking place at the Ministry of the Economy from September 2015. 2 consultants from McKinsey are said to have participated. This is what a member of E. Macron's cabinet at the time will reveal to us. To protect our witness, we asked an actor to repeat his words. - We were called several times to the Bercy dinner room, in the evening, from 8 p.m. It was very restricted. Around the table, there was I.Emelien, advisor in charge of strategy, A.Kohler, director of

the firm, We are gathered with people from McKinsey. We are quickly told that they are doing this for free because they believe in the personality of E. Macron. K.Tadjeddine is introduced to us as a friend of the “boss”. They know each other well. They had worked together on the Attali commission. There is a mix of genres that made me uncomfortable. We are told “total confidentiality”. We don't have the right to talk about it. E.Macron repeats every day to F.Hollande that he does not want to betray him. - What happened afterwards? The rest of this story

is on this USB stick. It contains hundreds of emails that have never been revealed before. By going through them, we discover that K.Tadjeddine has built a team around him. There are several employees and ex-employees of "the firm", but also advisors, ex-ministerial advisors of E.Macron and several entrepreneurs. Everyone agrees to work for free for the future candidate. A document lists the appointments. In total, 6 meetings took place in February 2016. We found a member of this team. He agrees to speak to us, on condition of remaining anonymous. This is the first time he has testified on

camera. Let's call him Frank. - Do you feel like you experienced the McKinsey affair from the inside? - Quite. From 2015 and then in 2016, I was part of a team where there were members of McKinsey who prepared E. Macron's campaign. From the start, I have had questions about E. Macron's campaign. I never really had the opportunity to testify on this subject. - It all started for Franck on September 15, 2015. He says that a former ministerial advisor to E.Macron, A.Panosyan, invited him to a meeting in the McKinsey offices. They must find innovative ideas for

the minister. - I'm coming to this meeting. There is A.Panosyan, K.Tadjeddine, another advisor from E.Macron's cabinet, another advisor from another ministry. The bottom line is the subject of youth employment: how to copy external models to France? It's a bit like the McKinsey approach, what we call benchmarking: “Look at everything that is being done elsewhere and look at how we can transpose it in France.” The objective is a presentation during a dinner at the Ministry of Economy and Finance in the presence of E. Macron. - It is October 15, 2015. This dinner, called Foundation, is organized

at the Ministry of the Economy. It's E.Macron's secretariat in Bercy. Our witness, who was part of the team, goes there, without suspecting that he is going to participate in a decisive dinner. - It's a dinner with around twenty people. There is E. Macron, his wife, employees of McKinsey, members of E. Macron's cabinet, some business leaders and leaders of political think tanks. It's a real dinner, with starter, main course and dessert, waiters in uniform... It's quite impressive. E.Macron introduces the session a little by explaining that he is thinking about his future. of the future of E.Macron.

B.Macron explains in particular that she believes that her husband has a role to play for France, that ambitious proposals must be made to him. - At that moment, what do you say to yourself? - I say to myself: “Now I understand.” It is at this moment that everything becomes clearer about the fact that E. Macron has formed, in a more or less informal way, teams around him to work on his future. - Tell me what happens next. - K.Tadjeddine introduces us to E.Macron and presents his project, - Chicxulub? It's what? - Chicxulub, a planetary cataclysm

that occurred 66 million years ago. The dinosaurs then enjoy their last moments in the primary forests. They don't imagine for a single second that their fate is sealed. In the Yucatan Peninsula, an asteroid causes an explosion 1000 times more powerful than the Hiroshima bomb, causing their disappearance forever. do you see the idea? Do you understand now? Chicxulub is a code name for E. Macron's political project. In complete discretion, the small team will put itself at the service of the future candidate. K.Tadjeddine has a mission: to create a mobilization platform for volunteers. He seems to have

a model in mind: B. Obama's digital campaign in 2012. ... - Obama's team has developed Dashboard, a formidable tool that gives daily missions to volunteers. K.Tadjeddine would like to be inspired by it. He keeps E.Macron informed of his team's progress, as evidenced by this email of January 23, 2016. "Friends, we saw EM this afternoon. Very in line with the project, he found the concept very clear." “EM” is of course E.Macron. 3 months later, K.Tadjeddine has a big announcement to make to his team. “Emmanuel left me a message. He is going to announce the launch of

initiatives this evening. This is the announcement of the launch of Chicxulub.” The asteroid will soon hit the Earth. It will be in Amiens, April 6, 2016. - E.Macron: I took time, I thought, I consulted and I involved a lot of people. I decided that we were going to create a political movement, a new political movement. A new political movement is a political movement which will not be on the right, not on the left. I want the positive energy of those who propose and want to move forward to be able, through this movement, to get going.

Thank you very much and have a good evening. - The En Marche party has just been born. The situation then becomes delicate for McKinsey consultants. If they continue to work for free for E. Macron, they could be prosecuted. In France, companies are not allowed to finance political parties and election candidates. Prohibited from giving briefcases of cash. You know that. But companies also do not have the right to make their employees available. This is what we call a benefit in kind, indirect campaign financing. This specialist in the financing of political parties analyzes this law which dates

from 1995. - S.Giummarra: The spirit of the law, in general, is to ensure that private interests do not harm the general interest . A company cannot finance, directly or indirectly, simply. The idea is this: to ensure that corruption through money, in particular, is avoided, once in power, as compensation for the services rendered by this private financing. - Is this what we call favoritism or the crime of favoritism? - S.Giummarra: Yes. The aim of the law is to prevent private financing from being likely to favor a person, whether legal or private. - K.Tadjeddine knows this law

perfectly. A month after the creation of En marche, he sent this email to his team. "En Marche is a political party subject to very narrow rules. reinstated in campaign expenses. Prohibition of free services." Our witness, Franck, affirms that K.Tadjeddine was then worried, so much so that the platform project was put on hold. - The question that arises is: who says En Marche, says political party, says rules for financing political parties... The fact that McKinsey provided human and material resources, clearly, became more difficult to assume. - In June 2016, K.Tadjeddine explained to his team that he

had met E.Macron. Surprise, 2 days later: "Dear all, go to Chicxulub. We see each other every 2 weeks. Next exchange on June 25 from 6 p.m. to 8 p.m. at the En marche offices." K.Tadjeddine's team resumes work. Between June and November 2016, she finalized the development of the famous platform. Its name: At the service of all. The project is supervised by two En Marche leaders: J.Denormandie, deputy secretary general of the party, and I.Emelien, communications advisor. On the McKinsey side, 3 employees work for free. - How many people from McKinsey do you remember working at that

time? - On the McKinsey side, Karim and his assistant continue to be in charge in terms of organization, that is to say the planning, the organization of the teams. There is a McKinsey consultant on operational matters. In the months that follow, there are 25 meetings held for operational progress, the launch of a website... There are hundreds of hours of work to launch this service to En marche members. for the end of 2016. - At what times of the day do they exchange emails? - It's more like day work, occasionally. We could rather talk about a

week in the office of a McKinsey consultant. - Do they use their professional addresses to exchange? - They use their McKinsey professional addresses and conference call facilities. - Work during the day with company tools. We are scrutinizing all of K.Tadjeddine's emails in our possession. Between April and November 2016, he sent 72 emails with his professional address. More than half are written during the week, between 9 a.m. and 7 p.m. He even uses his McKinsey email address "Emmanuel, following our quick exchange by SMS this weekend, a quick update on Chicxulub. The objective is to be ready

to launch to En Marche members at the end of September. Best regards." We also identify 2 other employees who use their McKinsey email address: K.Tadjeddine's personal assistant as well as a senior consultant, J.-C.Pierron. Impossible to precisely assess the cost of the work that they provided, but one thing is certain: it can quickly add up. A former member of "the firm" agrees to reveal the rates to us. The figures you will hear are the amounts billed per day . consultant per day at McKinsey are how much? - And for an associate director, we are talking about

10,000 euros per day - The platform will finally be launched in March 2017. In an email, En marche will offer its activists the opportunity to join it? But the tool will ultimately be little used. Was the work of McKinsey consultants declared in E. Macron's campaign accounts? We went to the National Campaign Accounts Commission for the answer . , IKEA... We go through everything for hours - This is the last file. I did not find any invoices for McKinsey & Company France. Nothing. - We submit all our elements to the specialist in the financing of political

life, S.Giummarra. She asked us to anonymize them. - Why didn't you want to know the party and the company behind all this? - S.Giummarra: Quite simply for the sake of objectivity. and to no private law legal entity of any kind whatsoever. To give an opinion, it is simpler and intellectually honest not to know the parties involved. - The academic studies the file carefully. - S.Giummarra: Concretely, given the abundant exchange of emails, it is obvious that there is a project to build a site. There is work and a service that is provided. There are mobilized staff.

It seems to be framed, directed and structured. Factually, this is the observation that we can make. - If this company did not invoice for this service, - S.Giummarra: In such a scenario, it would be a benefit in kind. - Could this be illegal financing of E. Macron's campaign? In any case, justice opened 2 judicial investigations. *-What role did consulting firms have in E. Macron's campaigns, with McKinsey in the lead? Justice is investigating. - The PNF is carrying out investigations into the links between the Head of State, his entourage and the American consulting firm McKinsey. -

According to the investigation elements available to us, here is the list of McKinsey employees who worked for E.Macron. First of all, there are those who participated in the creation of the platform: K.Tadjeddine, his assistant and J .-C.Pierron. There are also these 2 associate directors from McKinsey who gave their time: G.de Ranieri, who worked on E.Macron's military program, and E.Hazan, who organized fundraising dinners and donated 7,500 euros to the party. Finally, there is this consultant who worked for the electoral pre-campaign and was finally hired by En Marche, M.Maucort. It's time for us to make a few

phone calls. who were involved in the platform project. First, J.Denormandie, former deputy secretary general. *-Good morning. You are on voicemail... - He declines by text. - E.Lucet: "Thank you very much for your message, but allow me not to follow up. Have a nice day. JD." - Then, it’s I.Emelien’s turn. - E.Lucet: Hello, I.Emelien. about the Chicxulub project. - E.Lucet: Principle? All right. - “Principle: Relating to the first cause.” Well, at least we will have learned a word. - E.Lucet: Thank you, Mr. Emelien. Bye. - We now call K.Tadjeddine. Tone. *-K.Tadjeddine. - He doesn't answer. We

contact his communications advisor. - E.Lucet: We are investigating McKinsey. We are going to discuss E. Macron's campaign. - E.Lucet: Of course. THANKS. That's very kind of you. Bye. - K.Tadjeddine ultimately refused our interview request. Asked about the work he did during E. Macron's campaign, here is his answer. "I got involved in the 2017 campaign on a personal basis. A consultant does not strictly speaking have working hours. He can volunteer at 2 p.m. and work on his files at 10 p.m. It may have happened, from time to time, that I use my professional email address or

my professional telephone line as part of this personal commitment." We also contact McKinsey. The consulting firm refuses any interview. Asked about the participation of some of his employees in E. Macron's campaign, he replied: "Our internal rules prohibit us from carrying out missions for political parties or as part of electoral campaigns. McKinsey fully recognizes the right of its collaborators and in a personal capacity, in civic and political activities ." Finally, we asked E.Macron for an interview. We sent him a list of questions. The president did not respond to our requests. You loved the helping hands given

by certain McKinsey consultants to E. Macron during the 2017 campaign. Now, you would like to know what missions were entrusted to "the firm", once elected president. One of the first missions took place at the Elysée. Its name: Tech For Good. McKinsey is tasked by the president with tech bosses. Look who made the trip in 2018: the boss of Facebook, the boss of IBM or the CEO of Uber. In 2019, E. Macron even invited leading heads of state, such as J. Trudeau for Canada and T. May for the United Kingdom. McKinsey mobilized a significant number of

consultants. There are of course K.Tadjeddine, E.Hazan and around fifteen associate directors, all of whom did not pose in the photo. There was even the global director, K.Sneader. McKinsey did not charge the Elysée for this mission. Remember, this is the famous pro bono. - Come on, bosses, find us ideas to make this world fairer! To stimulate them, McKinsey found a great idea: doing small workshops. The consultants lead the way, each time with a minister in support. The future boss of McKinsey France, C. Magnin, and B. Poirson, Secretary of State for Ecology. K.Tadjeddine and B.Le Maire side

by side for the economics workshop. K.Sneader, the global boss of McKinsey, and J.Avrane, an associate director, are in symbiosis with M.Pénicaud. That's all well and good, Mr. President, but what was it for, exactly? - E.Macron: More than 75 decision-makers and tech leaders have just signed the Tech For Good appeal. They are committed to providing solutions to the major challenges of today: economic development, fight against inequalities and discrimination, reduction of greenhouse gas emissions, preservation of biodiversity. - Ultimately, Tech For Good results in a declaration of good intentions without binding commitments. But for McKinsey, these summits will

have been an opportunity to be There are free and highly visible missions, and there are those that are paid for. We would like to know what types of advice the firm was able to sell to our administrations. To do this, you need to get your hands on the mission reports, the “deliverables” in consultant jargon. We ask McKinsey. Here is their response. "Regarding your request, we unfortunately cannot respond favorably, for reasons of confidentiality towards our customers." So, we said to ourselves that, perhaps, some mission reports. Remember. *-I was surprised because they were just nice people. -

Before contacting them, let's first learn to speak like them. - Lifestyle-wise, how are things going at McKinsey? - How does the staffing and assignment of projects work? - The whole challenge of staffing is to succeed in matching. - For me, it was the “caring” side of people. - There is also a culture of feedback. - To do what we call brainstorm sessions... and go get it. - OK, Donatien, did you get it? Lead your staffing, make calls and find fucking sources at McKinsey. Come on, let's go! This is for feedback from the “Cash” team. -

Good morning. Are you a former McKinsey consultant? I am a journalist for "Cash Investigation". Hello, are you a McKinsey alum? I understand, but let me explain. Good morning. 2 short minutes... We have not recovered a single document. At McKinsey, we don't express ourselves openly, even after leaving "the firm". We still managed to convince 3 former associate directors to speak to us, but anonymously. In this investigation, this is the only way to obtain testimony. Actors will repeat their words. Let's listen to the oldest of them first. At McKinsey, discretion and confidentiality are cardinal values. - McKinsey

hates being in the spotlight. People who are there now, especially not in the McKinsey genes. We absolutely do not look for photos, even less when they are negative. You really enter into religion. We make this clear to you when you join the firm. One of the associate directors said to me one day when I joined. “There are 3 institutions in the world for which values ​​are central and must be respected: the Jesuits, the US Navy and McKinsey.” - To recover the mission reports, we only have one solution left: contact the French State. contracts with 3

organizations. We have made a little diagram for you to help you understand. In 2018, McKinsey signed a first contract with the DITP, the interministerial directorate for public transformation. It concerns missions for ministries. A year later, the firm also signed a contract with Ugap, the Union of Public Purchasing Groups. It is the purchasing center for public organizations, such as hospitals or pension funds. Finally, in 2021, McKinsey signs a final contract with the DAE, the state purchasing department, responsible for advising Matignon. With Elise, we are asking these 3 organizations to provide us with supplies under E.Macron's first

five-year term. - E.Lucet: Thank you. Bye. - Weeks go by, and still no McKinsey report on our desk. But in our quest, there may be a light at the end of the tunnel: the Cada. Any citizen can contact this authority to obtain administrative documents. H.Servent is its general secretary. - These mission reports, why is it logical and legitimate to transmit them? by a private firm, let's not forget that it was given to a public sponsor who ordered it as part of its public service missions. As such, we consider that all documents received by an administration

within the framework of these missions are administrative documents, in principle communicable. - After a few months of waiting, Cada gives us the green light. We are resuming the task with the DITP, the DAE and the Ugap to obtain the McKinsey deliverables, except that the opinions of the Cada are not binding. The DAE tells us that it will get back to us “as soon as possible”. able to decide whether the report is communicable. Ugap provides us with a table listing 170 missions entrusted to McKinsey. It still makes a lot! But in this table, they are always

the same titles. Impossible to know the sponsors. They are hiding behind these mysterious numbers. A completely unusable document. THANKS! - I show you the table of the list of missions that Ugap gave me. The names of the sponsors do not appear on the document you provided to me. I will tell you, in this case, that the opinion of the Cada is not followed. In these cases, it would be up to you to go to court to obtain satisfaction. - I left for a 2 year procedure? - H.Servent: Potentially, yes. - All right. - E.Lucet: There

you go, it was the very disappointing documentary by D.Lemaître. We'll meet again in 2 years to finally find out what a rebroadcast of "Sensitive Affairs" looks like. *-Wait, Elise. - E.Lucet: Yes. *-We have just received reports. Shall we go back? - E.Lucet: Yes. - The first deliverable will be sent to us by the Ministry of Public Transformation. Doorbell. - Good morning. It's for you. - THANKS. Hello to all subscribers and welcome I can't wait to open it! That's McKinsey's deliverable. It is 186 pages long. There are lots of beautiful diagrams in there. Too beautiful, very

colorful! Its cost is 397,345 euros. Not bad. This is one of the first missions ordered from McKinsey under Macron's first five-year term. - To help you understand the challenges of this mission, let's put ourselves in the context of the time. We are in 2018. With his Prime Minister, E.Philippe, and G.Darmanin, his Minister of Public Accounts, he is launching a major operation: Public Action 2022. Objective: finding 30 billion euros in savings. Ministers are under pressure and frequently summoned by the Prime Minister. But E.Philippe wonders: how can we check that everyone achieves their objectives? It was then

that K.Tadjeddine and McKinsey were called to the rescue to think about a system of indicators that would evaluate ministers. We found a key witness to this story. of the McKinsey mission. He agrees to speak to us, on condition of remaining anonymous. - In the deliverable, we discover that around twenty pages in English have not even been translated. Even more surprising, "the firm" suggests that the government take inspiration from the system of indicators set up in Malaysia, a country where the democratic culture is very far from ours. In Malaysia, we vote, but we do not have

the right to express ourselves freely. The media is not allowed to criticize the government. To top it all off, the Malaysian indicator system has been rated quite harshly by the World Bank. "Indicator systems are proliferating, which creates an additional workload for ministries. Opponents deplore the costs incurred to create this program and operate it." We meet one of the former associate directors from McKinsey France, who testifies anonymously. He too is played by an actor. First of all, he wants to clarify things. - For me, a public service does not work like a business. To think that

we can reform a public service like a company, with the same criteria, is dramatic. The risk is to mess up and make mistakes in the recommendations. I said: "We don't know anything about it. There's no point in going there." - We submit to him the deliverable written by his former colleagues. - What caught my attention is that there are a certain number of pages in English. Where does that come from? of what they were doing. This is as anonymized a summary as possible. In any case, consultant training is a lot of recycling of things already

done. That’s how the consulting market works. - But what is this mission worth almost 400,000 euros? - It's bullshit. I wouldn't involve McKinsey for less than 1 or 2 million euros. Before that, we only have benchmarks and things that have been stolen here and there. That's not how we make monitoring indicators, not - How were these proposals received at the top of the State? Quite recently, according to the official who followed the progress of the McKinsey mission and who agreed to speak to us, anonymously. - If I understand correctly, this work was not used... -

This barometer was designed by state services. Accessible on the Internet, 90,000 people consult it each month. It just goes to show that civil servants also know how to work! For months, we contacted the Minister of Public Transformation, S.Guerini. before the dissolution of the National Assembly. - E.Lucet: Hello. How are you doing? - S.Guerini: It's okay, and you? - He is proud to present to us the state's brand new internal consulting agency . - S.Guerini: I take this opportunity to go and greet everyone. I was there, I would like to take this opportunity to greet you.

I would like to take this opportunity to come and greet you. Good morning. I was passing through, so I would like to take this opportunity to say hello. - These agents must replace some of the consultants from consulting firms. The message is clear: the government, - E.Lucet: You have just created, in March, an internal state consulting agency which brings together more than 50 consultants, soon to be 75, I believe. Can you explain to us what the missions are? - S.Guerini: We saw during the health crisis that we needed to reinternalize a certain number of skills

to regain more control over our public policies. - E.Lucet: Basically, make less use of consulting firms and make the State do more work. - S.Guerini: For several reasons. First, it costs us less. that, when they are well occupied, we save a little money. - E.Lucet: Did you calculate that? - S.Guerini: Yes. It is estimated that we can save 100,000 euros per consultant that we reinsource to the State. - E.Lucet: If you created this agency, is it because we used too much private consulting firms? - S.Guerini: We must say things clearly. Does the State have the

right to appeal, when we need to clarify a decision, when we need to have skills that we do not necessarily have... The answer is Yes. That's what I'm trying to do... In 2021, we had 261 million euros in consulting orders that could be described as strategic. In 2023, the last year we have in full, it's 78 million euros. We have a little more than divided by 3 compared to the year where we consumed a lot. - E.Lucet: I wanted us to get into specific things. We are going to talk about the mission carried out by

McKinsey: to successfully transform public action. The first thing that surprised us a lot is that the part is in English. Given the price you paid for this mission, 397,345 euros, we say that they can give you a document where everything is written in French. - S.Guerini: That was one of the things to improve. No, I don't think it's normal that we can have slides made in English when it comes to supporting French administrations. From now on, this will no longer exist in consulting missions. You will have to speak French. - E.Lucet: There is something else

that shocked us, which is that McKinsey is proposing that the French government copy the Malaysian government. It is a country where the democratic system is a little different from ours, to say the least . Do you find this relevant? It is the main country cited. - S. Guerini: Very good. I'm not shocked. We did not tell them: “Go and take us the best examples of democratic systems in the world where human rights are best respected.” - E.Lucet: It would have been nice if you asked them that. on public policies. - E.Lucet: That comes into play...

- S.Guerini: Here, in this case, I think that it is a mission which allowed, in the end, to set up a super useful system for the French state. - E.Lucet: You tell me that this mission, which cost 397,345 euros, was useful. I will let you listen to the testimony of a civil servant who worked on this mission. He knows what he's talking about. - E.Lucet: You see, the official is clear. He says that the barometer of the quality of public services thanks to McKinsey and this report. - S.Guerini: If we schematize, the mission was useful

in setting the framework. Was it then completely turnkey? The answer is no. Following this mission, our administrations, where we are, in the interministerial direction of public transformation, can take over and say when we are in the final design of this tool, it is we who can do it, I think it's pretty good. - E.Lucet: That's not really what he says. that not all consulting missions are necessarily used wisely, I agree with you. I am the first to say that we must, and this is a public finance issue, better control our spending. But that not everything

is perfect in consulting missions, we can agree on that. - E.Lucet: What do you think of pro bono, missions carried out for free by private consulting firms? - S.Guerini: I am not for it. I banned it. This is a question we could ask ourselves. It existed. systematic bad intentions... - E.Lucet: Never? - S.Guerini: I don’t know. I'm very careful about that. What do we mean by “bad intentions”? - E.Lucet: To win contracts subsequently. - S.Guerini: Sometimes, companies came and said to themselves "I'm going to be nice for a while, like that, I'll be well positioned

and I'll have lots of contacts", that may have existed. I'm going to the end of my answer. I am not for this system. As the English say, there is never a free lunch, to translate an English expression I try not to be too start-up nation... I think it's better to get it out of the system today hui... - E.Lucet: If I ask you the question, it’s because I have pictures to show you. Do you know them? - S.Guerini: Was it Tech For Good? - E.Lucet: Well done. - S.Guerini: This was one of the subjects on

which we talked about pro bono. by McKinsey for the Elysée in 2018 and 2019. More than fifteen associate directors of “the firm” were mobilized for several days to organize these events. Why do you think McKinsey agreed to do this for free ? - S.Guerini: I don't know how to sort things out. In McKinsey's mind at that moment, I imagine it was a bit of both. I try to answer you precisely. There is a bit of general interest, saying that it is good to be able to participate in subjects of general interest. - S.Guerini: Maybe at

that moment, they have an ulterior motive in saying to themselves: "Perhaps all this will potentially make our lives easier because we will be well seen." Maybe there's a little part of that. - E.Lucet: Would you say after the fact that letting McKinsey organize Tech For Good was a mistake? - S.Guerini: I think it is better to get away from pro bono practice . I don't want to suggest that there was bad intention by saying: "We're going to give you contracts against the organization..." - S.Guerini: I think it's better to no longer have any pro bono

quite simply, whether for Tech For Good or for any other event or commitment. Everyone in their place. - E.Lucet: So it was a mistake? - S.Guerini: Everyone in their place. I think it's better like this. - E.Lucet: Thank you, S.Guerini. - S.Guerini: Thank you. - Come on, let's leave you, Mr. Guerini. We collected deliverables from another McKinsey engagement. - Good morning. - Great, thank you. - Good day. - Thanks to my cameraman for the special effects. It was the media “L’Informé” which obtained these reports after a year of legal battle. Thank you, colleagues. This time,

there are 3 deliverables. This one is very bulky. It is 204 pages long. There are also 2 small deliverables. The cost of these 3 reports is 496,800 euros. This mission was ordered in 2020 - On January 18, 2022, the mission particularly intrigues the Senate Commission of Inquiry on Consulting Firms. In the middle of the presidential campaign, senators question K.Tadjeddine about this order. The consultant is having a difficult time. - Wait... "Think about expected developments in the teacher market"... That is to say? To analyze these McKinsey reports, we are going to Bordeaux. We have a meeting

with an expert. This sociologist has written reports for the Ministry of Education and participated in the development of school programs. We asked him to read the entire deliverables. - F.Dubet: From my point of view, these reports did not have a particularly dazzling technical and informative originality . - In these deliverables, there are a lot of graphs that compare education systems globally. According to F.Dubet, McKinsey uses easily accessible public data . relying on data that you are not producing in most cases, which has already been produced. You will look in ministries, in foundations, in agencies, in

expertise offices, which is commonly done. It’s a fairly banal activity intellectually. - Is it commonplace? - F.Dubet: Yes. For me, it remains not very enigmatic to see that the order that was placed is subcontracted, in a certain way. The department is equipped to do what McKinsey did. I have no doubt about that. of education systems. In one of the deliverables, the firm makes proposals to the ministry to implement bonuses for teachers, as in private companies. - F.Dubet: As they themselves propose, you are going to give a merit bonus to be distributed between teachers, those who

deserve it and those who do not deserve it. So instead of having an educational community, you instead have a community of competitors. Hello atmosphere in the teachers' room, if I may! on a study produced by the Fraser Institute, an ultra-liberal, climate-sceptical Canadian think tank which campaigns in offbeat videos for the abolition of all taxes. - What condition is he in? - I look at the constants. I can't believe how many taxes he pays! - Damn it! All these taxes! - F.Dubet: This Fraser Institute proposed this to educational systems which are very decentralized in Canada. It

was an uproar. The teaching world and ministers said they were crazy. Making school a market in which people are paid as more or less efficient entrepreneurs, I think is absurd. - What were all these deliverables for? We discover that they were used during a conference organized by the Ministry of Education. This event was held in the middle of the covid crisis, remotely. For 8 hours, French and foreign researchers speak in acrobatic conditions. It doesn't work at all! - Even the minister is not spared. - J.-M.Blanquer:...which we were waiting for with great impatience, because it's a

very... Sound problem. - And the McKinsey report in all this? Some graphs and generalities stated by the firm were used by the host of the conference. - Education enables long-term technical progress and economic prosperity. - And then, all of this was included in a report submitted to the ministry to prepare the Grenelle de l'Education. J.-M.Blanquer, to offer him an interview. For several months, we tried everything: phone calls, text messages, emails... He ended up sending us this long, long, very long message. But he forbids us to use his answer. With that, we are well advanced. We

only have one option left: to meet him at a conference in Paris. It hasn't started yet. We take advantage of this to sneak around. - E.Lucet: Good evening, Mr. Blanquer. E.Lucet, France 2, “Cash Investigation”. repeatedly. We are investigating McKinsey. We wanted to know why you called on this consulting firm in 2020. - J.-M.Blanquer: It's a strange method, to do it like that. - E.Lucet: It's normal, as it's public money, that I ask you questions. Why did you call on the McKinsey firm? - J.-M.Blanquer: We will do it elsewhere. - E.Lucet: OK, thank you. - J.-M.Blanquer:

I will first speak to you separately, without the cameras. - The former minister hides behind a wall. In the history of “Cash”, we have never seen this. - E.Lucet: I am asking you simple questions. Why did you decide, in 2020, to call on the McKinsey firm for a mission on the future teaching profession, which cost the State 496,800 euros? - E.Lucet: The SMS messages that you refused to be taken back. At the end of the SMS, you say: "I refuse to let you take these answers." Understand that we are coming to see you. - E.Lucet:

Very good. this report instead of McKinsey, which is an external consulting firm? - E.Lucet: You do not think that your ministries are capable to make an international comparison? - E.Lucet: These are public data All ministries can have access to this data - E.Lucet: 1628 euros per page, do you think this is a good way. to spend public money? Please give us a quiet interview, if you don't want to do it here - You are dangerous, by the way you do things. or the Senate. - E.Lucet: I am a journalist who tries to get answers. Journalists,

it is their job to try to get answers. - J.-M.Blanquer: I answered you. . We don't have to answer all your questions - Well, after this constructive exchange, it's time to tell you about the most expensive mission we were able to recover. . - This time, there are 7 deliverables which were given to me by Retirement Insurance, the organization which pays the pensions of retirees in France. Its cost is 957,674 euros. This is a very big consulting mission. - At the origin of this order, there is this promise made by E. Macron in 2017: to

set up the points retirement system, if he is elected. - E.Macron: We will move towards a universal retirement system where, for each and everyone, whatever their status, their profession, their sector of activity, one euro contributed will give the same retirement rights. - Arriving at the Elysée, the president tasks J.-P.Delevoye with writing the reform project. Relaxed atmosphere in the photos, but behind the scenes, the executive is putting pressure on Retirement Insurance. The organization then decided to urgently recruit K.Tadjeddine and McKinsey. The consultants' mission is kept secret. Only the heads of the Retirement Insurance department are taken

into confidence. They will work together for several months, while the reform had not yet been voted on. Its general director, R.Villard, agrees to return to this mission worth nearly a million euros. Transparent, but still on guard. the time of the interview. - R.Villard: I have to take off at 9 p.m., time to prepare for the next meeting. - You've shortened it a bit. - Yes, you shortened it. Tell me a little about the context of the time, in 2019. Explain to me the emergency you were in. You were still under pressure. - R.Villard: It's not

a question of pressure. You have a huge strategic transformation to implement. I considered that it was necessary to have expertise, insight, - So, for you, this mission justified such an expense? - R.Villard: Sometimes you have to know how to mobilize additional resources to avoid an industrial accident or avoid putting the public service in great difficulty. - McKinsey would have made it possible to avoid an industrial accident. Mr. Villard, we will give you a few moments to take a closer look at these deliverables. - I will give you the small deliverables. - In the editorial office,

we ask our favorite investigators to summarize their content for us. - You have one hour to explain the mission to me. as they say at McKinsey. - If you want, you had to define the implementation schedule and lead the implementation with a macrotarget process defined and validated in Costra. - This was a top-down structuring of the transformation, with a first version of the target mandate for each program. - In fact, the reporting must make it possible to know the overall progress of the project with an update of the last axis sync point by the site

manager. - In fact, the major arbitrations of the program are escalated in the adapted version of the Comex. In short, target cadence, aspiration. We start in French from the beginning. The objective, we remind you, is to set up points-based retirement. The main role of McKinsey: work planning. The consultants will ensure that the heads of the Retirement Insurance department meet deadlines. How did the main stakeholders experience it? A head of the Pension Insurance department agreed to speak to us, on condition of protecting his anonymity. He is an actor who repeats his words word for word. -

The consultants with whom I had to work, I found them very light-hearted. I was even a little annoyed. On quite a few occasions, I had to explain things to them that, for me, normally fell within a traditional knowledge base. It added work to us. But they didn't necessarily help us in substance. It just brought complexity to us. If the question is: “Has this reform put the teams under stress and in great distress?”, it is yes. - Want to know where all those deliverables ended up? For the moment, on a shelf. The points-based retirement reform was

finally abandoned - E.Macron: The conditions are not met to relaunch this project today. - Did the director of Retirement Insurance, R.Villard, go too quickly in ordering this almost one million euro mission from McKinsey? - This mission consisted of preparing a reform which had not yet taken place. It's curious, though. - R.Villard: Indeed, the law had not yet been promulgated. When you are a manager of a company, an establishment, and you see that the context is evolving, you do not wait until the context has definitively evolved to engage - Wasn't this McKinsey mission to put under

pressure your teams? - R.Villard: My responsibility is, on the contrary, to embark and support a collective. I am very committed to ensuring that all this happens peacefully. Strengthening a management team means considering that if we do not strengthen it, it risks being put under pressure and having too many responsibilities. - 12 consultants were mobilized for this mission for a total of 350 working days. Was it necessary to deploy so many resources? over a full year, 2 more employees. - But the daily remuneration is very high, as we know, when we call on consultants, notably McKinsey.

- R.Villard: It is much higher than the remuneration of a Social Security employee, that's certain. You also pay the price of expertise and the price of the ability to urgently mobilize expert resources. Urgency has a price, it's called the price of urgency. I'm sorry, I'm very late. - It seems urgent for Mr. Villard to leave. that some complain about it, in the heart of the State. Let's get back in our magnificent DeLorean, my little Marty! Our super car takes us... Wow! At the National Archives of Pierrefitte-sur-Seine. Just park there, Marty. We get our hands on

the first mission entrusted by the State to McKinsey. It concerns the Air France company and dates from 1968, under De Gaulle. Damn, that's a lot of money for McKinsey to advise the State! The firm is responsible for improving the productivity of the company, very convinced by the work of the consultants. Same scenario in 1972 with La Poste. The director asks the firm to do several audits. In this short letter written to his deputy, he expresses his disappointment after reading one of the reports. "Sir, would you like to read this document, the result of a study

for which we paid 80 million francs? It is a real scandal! I am disgusted to see such cinema which teaches us absolutely nothing! After all, Maybe I’m wrong and I’m old!” to reorganize its services. State inspectors are assessing the cost of this mission. According to them, consultant fees are too high. Let us leave our old relationships to return to the present. How much did McKinsey earn between 2017 and 2022 thanks to contracts signed with the State? For months, we asked public bodies to send us the amounts. Here are the numbers they ended up sending us.

They are new. 39 million euros for missions ordered 32.5 million euros for public organizations via UGAP. And finally, 1.3 million euros for the DAE. In total, we arrive at 72.8 million euros in orders under E.Macron's first five-year term . When questioned, the consulting firm minimized these figures, but without providing us with precise information. According to our information, this is the first time that McKinsey has sold so many missions to the French State. These good figures will help the rise of K.Tadjeddine. Mr. Aron is a journalist at “Nouvel Observateur”. annual consultant of 2019. K.Tadjeddine asks to

be promoted. To convince his superiors, he highlights the increase in his turnover, particularly with the State. Here is what he writes. - M.Aron: "In 2 years, my customer activity has doubled. This acceleration results from the stability of my customer portfolio and the increase in activity among these same customers." - How do you understand this sentence? - M.Aron: That means that things are going well, that K.Tadjeddine is happy, that he has kept the same customers twice as many orders, which is quite considerable. - In this note, K.Tadjeddine writes in black and white that he hopes to

take advantage of his personal network among ministers. - M.Aron: "My key relationships include the President of the Republic, whom I have known for 10 years, advisors to this same President, the Ministers of Housing and Digital..." At the time, it was of J.Denormandie and M.Mahjoubi. “And leaders of public companies.” Including in a file that we have known the President of the Republic for 10 years and that we know elsewhere is really saying: "Since I know them, it can promote my activity." - Convinced by these arguments, the firm will appoint K.Tadjeddine senior associate director. In 2019, he

is at the height of his career at McKinsey. But it won't last. 3 years later, the very influential consultant finds himself at the heart of a scandal which will ignite the presidential election. On January 18, 2022, A.Bazin, president of the Senate Commission of Inquiry, asked him a question - His hearing was broadcast by the Public Senate channel and on social networks. Like millions of French people, this former director of McKinsey France is watching his speech. He can't believe it. - It was common knowledge that we did not pay tax. All the associate directors knew. Karim

should have said it when he was interviewed by the senator. The bit of language he should have said is: "We are liable for corporate tax but we do not make profits in France." in France. At that time, the information remained secret. But 2 months later, the Senate Commission organized a press conference. - The observation is clear: the McKinsey firm has not paid corporate tax in France for at least 10 years. How can we accept such behavior from a firm which intervened in strategic discussions for our country? - These revelations come in the middle of the

presidential campaign. - E.Macron would have done without the controversy concerning the American consulting firm McKinsey while she carries out missions for the government - "McKinsey, give back the money!" , tagged on the posters of the president seeking a 2nd term The rapporteur of the Senate Commission of Inquiry , the communist E.Assassi, remembers well the electric climate which reigned at that time - E.Assassi: From . discovering that a company commissioned by the State received millions of euros for missions which, sometimes, did not succeed and which, in addition, did not pay tax on profits, was shocking. When

you took the metro, the metro doors didn't close - Here is the man who helped uncover the tax scandal: A.Bazin, LR president of the commission of inquiry. He asked the tax authorities to provide him with a table with the amount of taxes paid by McKinsey, but also around ten consulting firms working for the State. - What do you see in this document? - A.Bazin: That McKinsey is the only consulting firm not to have paid corporate tax for 10 years. This means that this company, which has a turnover of 300 to 350 million euros in our

country, it seems to me, has not made any profit over the last 10 years. - It's still totally atypical. - A.Bazin: I can't tell you better than that they alone, among all the large foreign consulting firms, do not make a profit for 10 years. It's more than atypical, it's unique. - How was McKinsey able to pay no corporate tax in France for 10 years? To help us see things more clearly, we call on F.Dampenon. He is a public finance inspector and elected to the CGT. - F.Dampenon: The fact of having an absence of taxation in

France on the transfer of profits outside France via the probable or possible overinvoicing of transfer prices. - Transfer prices? It deserves a little diagram. McKinsey subsidiaries around the world are said to have overcharged McKinsey France for numerous services to reduce its profits to zero. Result: no corporate tax to pay. Accessing McKinsey accounts in France would help us understand. Except that the company is domiciled in a US state, Delaware. But we have another avenue. - We looked at the accounts available in other countries, such as Australia. - There, the government is intractable. All companies must publish

their accounts, even if they are domiciled abroad. - The different transfer prices... For example, we have "consulting services". A priori, these are foreign consultants who will work for the Australian subsidiary. We also have the “firm function charges”, the operating costs of the firm. fees for use of the McKinsey brand. - All these services cost this subsidiary millions of dollars and destroy its profits. F.Dampenon made the calculations for 2022. - F.Dampenon: Being part of the McKinsey group costs the Australian company 40 million, for services which are returned to it by the other companies in the group.

- Does it affect the tax paid at the end of the year in the country? - F.Dampenon: The tax base of the Australian company in Australia is reduced by 40 million. The whole question of transfer pricing is to know Australia, to be less taxed in Australia. - Would the firm have used transfer prices to plunge the profits of its French subsidiary? For months, we contacted the McKinsey firm in France to interview its boss, C.Magnin, without success. We learn that she is giving a conference in a law firm in the 8th arrondissement of Paris. - E.Lucet:

Hello, E.Lucet, "Cash Investigation", France 2. - The manager quickens her pace when she sees us. - C.Magnin: I am expected for a meeting. I would like you to answer this question: why you did not pay corporate tax in France between 2011 and 2020, - C.Magnin: Hello. Nice to meet you. I look at you, I know you as a public figure. - E.Lucet: So you know that I like to have answers. - C.Magnin: I know it. - E.Lucet: So if you could answer me, that would be great. - C.Magnin: We are currently under tax audit. The

tax authorities are looking at everything. We provided everything. We have been here for 60 years in France. several times. They are doing the job. Let's look at the result. - E.Lucet: But the Senate Commission of Inquiry established that you had not paid corporate tax between 2011 and 2020, while all the other firms had done so. Why didn't you pay these taxes? - C.Magnin: Because we have not generated profitability in France. - E.Lucet: You have not generated profitability? You made between 300 million and 400 million euros in turnover per year. which explain... - C.Magnin: No, it

is not the transfer prices. - E.Lucet: Why? - C.Magnin: It’s very simple. We have a labor cost structure which is 15% higher than the European average for France, and we have fees which are on average 15% lower than the European average. - E.Lucet: Once again, the other firms, which have exactly the same labor costs and the same fee prices in France, have generated taxes... - E.Lucet: Yes, they are the same structures as other consulting firms. - C.Magnin: The remuneration is not the same. - E.Lucet: You have exactly the same structures. It is also the Senate

Commission of Inquiry which puts its finger on this, saying that there are consulting firms which, in France, work for the State and which have all paid tax on companies, except you. - C.Magnin: In 2021, we paid corporate tax. - E.Lucet: How much? - C.Magnin: I don't have the amount in mind. - E.Lucet: That surprises me. - C.Magnin: I can see if I can communicate it to you. - E.Lucet: Did you pay any in 2022 and 2023? - C.Magnin: I don’t know. - Gosh! The boss of McKinsey France no longer remembers whether her company has paid

corporate tax in recent years. We contact the firm. She refuses to answer us. It must be said that 2 investigations are underway: one carried out by the tax services, the other by the courts, for aggravated money laundering of tax fraud. anytime soon. - A.Bazin: When we went to Bercy, they explained the whole procedure to us with all the aspects of adversarial proceedings, a conciliation commission which intervenes behind it, then the possibility to go to administrative court. It is the rule of law that wants all this. If we ever get an answer on possible overbilling, it

will be after 7 or 8 years of proceedings. - In the meantime, you will see that the profits return to the pockets of those who run the firm. The financial flows of McKinsey subsidiaries go back We have managed to identify the parent company. She lives on the 4th floor of this small building in Manhattan. It is held by 3,500 associate directors around the world, including C.Magnin. Its name: McKinsey & Company Inc, United States. Our witness was one of its associate directors, called “partners” in English. With their peers, they share the profits generated around the world

in proportion to their remuneration. - It's very simple. At the end of the year we take the profits made by the firm. This gives a percentage. It's this percentage that we apply to distribute profits, and it empties the firm every year like a toilet. It is being drained of its profits, completely, globally. - A system that has existed since the creation of McKinsey and which allows associate directors to receive very comfortable remuneration. - Orders of magnitude are simple. I earned around 900,000 or 1 million euros gross, all inclusive. 500,000 euros structural and 500,000 euros bonus.

- McKinsey has never revealed the amount of its profits We find the general director of McKinsey in France. - E.Lucet: According to our investigation, McKinsey's profits go back to a parent company in New York, which you know well, I think, because you are a "partner". What are McKinsey's global profits? - C.Magnin: There are no global profits, since they are redistributed within the partnership. - E.Lucet: You receive your participation as a "partner", so you must know what is redistributed. - C.Magnin: Individually, yes. But collectively, it's not... are completely secret, including to you, who work inside McKinsey?

- C.Magnin: They are not secret. Fees in a firm are redistributed among the firm's partners. We are not a factory, an industrial company. I don't know if it's going to be exciting for the people who are going to listen to you. - E.Lucet: Yes, it’s fascinating. - C.Magnin: I am really expected. - You are in the premises of a law firm. - E.Lucet: I am at the door. - E.Lucet: I totally respect your office. - C.Magnin: Good luck. - E.Lucet: Sorry for intruding 50 cm into your home. - Have a nice rest of the day,

goodbye. - Since the scandal, McKinsey has withdrawn from public markets to concentrate on advising large companies. K.Tadjeddine left the firm. For the moment, he has not been heard as part of the investigation into the financing of E. Macron's campaign in 2017.