Word: hay
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Attorneys representing the University, Economics Professor Andrei Shleifer ’82 and former Harvard employee Jonathan Hay were in court to defend their arguments that the judge should dismiss, on the basis of undisputed facts, a fraud suit brought against them by the U.S. government...
...government’s case hinges on allegations Shleifer and Hay broke agreements Harvard made with the U.S. Agency for International Development (USAID) that funded a University-run economic reform program in Russia in the mid-1990s...
Shleifer was project director for the program run out of the now-defunct Harvard Institute for International Development (HIID). Together with Hay, Shleifer advised the Russian government on the privatization of their economy. USAID provided the project with $50 million in funding...
...story goes, Shleifer invested $464,000 in Russian oil companies, securities and equities—an overlap with the area of the Russian economy that he was helping to develop, while Hay put $20,000 into a mutual fund that invested in Russian equities. Hay, it is claimed, also gave a $66,000 check to Shleifer for Russian investments. The woman Hay is now married to, his girlfriend at the time, was the primary owner of the Pallada Mutual Fund Management Company—the first fund registered to sell to the Russian public. Through HIID, Hay oversaw such registrations...
...condemning the transactions and stating that, had he been director of HIID in 1994, he never would have allowed such violations to occur. Indeed, the apparent conflicts of interest surrounding HIID seem most regrettable. The scandal surrounding HIID resulted in the dissolution of an institute and the firing of Hay. There may have also been damage done to the Russian economy—ironic, as Harvard was brought into Russia to help address issues of corruption...