Word: shleifer
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...wasn’t until 2005 that the civil case was resolved. Harvard, Shleifer, and his colleague, Jonathan R. Hay, who assisted him in Russia, agreed to settle for $30 million. The Crimson reported in August 2005 that Harvard would pay $26.5 million, while Shleifer would cough up $2 million, and Hay would pay between $1 million and $2 million, depending on future earnings...
Neither Harvard nor Shleifer was forced to admit liability...
...Shleifer took a paid sabbatical and returned to the classroom this semester. Even with the publication of a scathing, 18,000-word article in Institutional Investor, a high-brow finance journal, outlining the evidence against Shleifer early this year, economics Professor David I. Laibson ’88 told The Crimson in April, “We think about him not as the guy who was involved in the AID lawsuit—we think about him as the exciting, intellectually active colleague that we’ve always known...
...lengthy Institutional Investor piece, written by Harvard alum David W. McClintick ’62, also alleged that Summers’ cozy relationship with Shleifer may have protected the latter from losing his job. McClintick quotes a Summers deposition in which the former president said that he instructed then and current Dean of the Faculty Jeremy R. Knowles to hold on to Shleifer in 2001. The article startled and angered many professors, who grew even more furious when Summers, at a February 2006 Faculty meeting, said he didn’t know enough about the matter to comment...
Lewis, who has been outspoken about the University’s lack of outspokenness, is concerned that Harvard has damaged its reputation by not acknowledging any wrongdoing on its own behalf, not just because of Shleifer. “Harvard institutionally did something that I don’t think anybody thinks was very good for the Russian nation,” he says, “so I just think it’s quite remarkable that no one at all has said that Harvard did anything wrong...