While others contemplate which of Dante's nine circles Phillip Bennett will one day call home, the NYTimes asks the important question: who'll pay for those Refco ads? I think we all know the answer. But did you know this: it's "been estimated in the magazine industry that 25 percent of all ads are 'dead debt,' meaning they are never paid for." Wow. That would affect like a whole pound of the September Vogue.
So can we assume that 25 percent of agency work is also never paid for? Would that be too low? And can we get names?