This cuts especially deep, since Conde Nast is the smartest company being run by the smartest, best dressed people, or at least that is what they have always told me. 

This from paidcontent.org: 

"Working with McKinsey (the consultants), Townsend (Conde Nast CEO) and a Conde Nast team will “develop new perspectives on optimizing our approach to business, growing revenues, and enhancing our brand assets. All areas of Condé Nast will be included in the study.” Conde Naste has more than 30 brands between the consumer magazines, which include The New Yorker, Wired and Vanity Fair, and the Fairchild Fashion Group"

Hopefully, McKinsey will take a look at not just personnel but the fundamental model of how Conde Nast goes about selling advertising. What would be great is if they could make the people at Conde Nast realize that they are not doing us all a favor just by allowing us to spend money with them. Not all Conde Nast titles are like this (Wired is an exception) but too many have an attitude that make the purchase of ad from them a very unpleasant experience.