Word: hiid
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Zimmerman allegedly used HIID and affiliatedgroups--funded by the U.S. government--asfinancial consultants to guide the Russianinvestments of a hedge fund that...
...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...
USAID suspended the last $14 million of the$57.7 million grant to HIID in late May 1997, andthe agency continued its investigation of the twomen and the institute...
Harvard responded to the investigation bystrongly reiterating HIID's policy for dealingwith conflicts of interest. This policy statesthat employees working on an overseas project andtheir family members are forbidden from makinginvestments in the country they are assisting...