strategy consulting
I just read the dismal story on fortune on the bad state of affairs in consulting world. I however think it was just a matter of time that it would happen. Working myself in engineering consulting, i have seen some clients spend insane amounts of money on consultants to tell them something they want to hear or something they already know (or should have known).

The main difference is in my line of work, we use basic engineering principles and science, so our "results" are rarely fuzzy and not open to wide interpretation. However, this may not be true in strategy consulting since the variables being dealt with are very much indeterministic.