Word: legalizes
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Rose said that when he raised concerns to HMC lawyers about netting, they said they had “no tax authority,” or legal precedent, to be engaging in the practice—but continued nonetheless...
Leff, the visiting HLS professor, said that while he did not have enough understanding of Rose’s specific concerns to make an informed judgment, “a lawyer asked by an auditor about the legal authority for the treatment of a transaction should be able to give at least the legal reasoning under which the treatment is proper...
...Times article, former HMC CEO Meyer—who later left the company with 30 employees and a $500 million initial investment from the University to start his own hedge fund—said none of the relationships were deceptive and that he had an “outside legal opinion [on netting], which he declined to share.” But the story cited two former high-ranking IRS officials who disputed Meyer’s interpretation of netting, as well as concerns from accounting firm PricewaterhouseCoopers that caused one firm to report their fees in full instead...
...letter responding to Rose’s concerns, Summers wrote that he took the issues “very seriously” and that Harvard was hiring an independent counsel to ensure that Harvard maintained “the highest level of legal and ethical compliance...
...phone interview, Winokur said that legal investigations have since concluded that Harvard had no improper relationship with Enron...