Word: hayed
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...Forum Financial Group, based in Portland, Maine, claims that Professor of Economics Andrei N. Shleifer '82, the principal investigator of HIID, and Jonathan R. Hay, HIID general director, used their leadership roles to reap personal gain from HIID's Russian capital markets program...
...suit, the company contends that Hay and Shleifer used federal funds allocated through HIID to bribe Russian government officials with "cash, no-show jobs, exorbitant and unjustified compensation and benefits, and exorbitant and unjustified housing allowances." The Russian officials, the suit contends, deposited these payments in foreign bank accounts to evade taxation...
After paying off the Russian officials, the complaint says, Hay was able to secure the rights to Russia's first mutual fund for Forum with Shleifer's assistance. Forum says Hay forced the company to sell its interest in the fund, enabling him to purchase it himself through a third party...
Gardner's profile makes Rocky look polished. The youngest of nine, who was teased in grade school for his freakish size, he gained his strength by working on his parents' dairy farm every day after school. "By the end of high school, I was carrying four bales of hay, a hundred pounds each, just walking with them," he said. After making the Olympic squad, he raised some $25,000 from Afton locals for the family trip to Sydney...
...unclear if, as the suit alleges, Harvard deliberately neglected to supervise Schleifer and Hay's work in the Russian capital markets. But the suit underscores the need to reexamine institutions that, while indirectly under the University's auspices, have a distinctly non-academic purpose. In particular, such institutions tend to drain resources that could otherwise be directed toward Harvard's core educational function...