Considering that the 77 firms owe banks a combined 28 trillion won (not counting any debts of affiliated firms that they might have guaranteed), this could do serious damage to a banking sector that is still in a delicate stage of recovery.

ECONOMIST: South Korean bankruptcy

Many consulting firms have affiliated brokerage firms and money management firms.

FORBES: Investment Consultants: It's Time to Clearly Define Their Role (June 1, 1995)

Furthermore, these affiliated brokerage firms also sell services to the very same money managers that the consultants review in client searches.

FORBES: Consultants With Affiliated Broker-Dealers: How Independent Is Their Advice? (April 1, 1996 )