Word: hay
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Several years ago the government began to question how much Schleifer and Hay, two principal players in the HIID project in Russia, profited personally from their work and intimate knowledge of the Russian economy...
...federally-funded U.S. Agency for International Development (USAID)-- which provided HIID with a $57.7 million grantto work in Russia--accused Hay and Shleifer ofwrongdoing in a letter sent to Harvard on May 20,1997. USAID wrote that Shleifer and Hay had abused"the trust of the United States Government byusing personal relationships, on occasion, forprivate gain...
USAID claimed an investigation into the Russiaproject showed that Hay, employed by Harvard asHIID's general director in Moscow, used governmentresources to further the investments of Shleifer'swife, Nancy Zimmerman. Hay allegedly did so withthe knowledge and approval of Shleifer, HIID'sproject director at the institute's home office inCambridge...
...Hay also bought Russian government bonds andprofited personally from them, USAID alleged inthe letter. Hay's girlfriend, Elizabeth Hebert,has also been implicated in some reports...
Both Shleifer and Hay denied any wrongdoing tomany national newspapers at that time. Neithercould be reached for comment this week...