Word: russianizing
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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...
...filed a motion against Harvard for $102 million, alleging conflicts of interest that violated the Harvard Institute for International Development’s (HIID) contract with the U.S. Agency for International Development (USAID) in Russia from 1992 to 1997. During that time, HIID was advising the restructuring of the Russian economy—and HIID’s officers were under strict orders, the U.S. says, not to personally invest in the companies that their work gave them influence over. Today, the federal court in Boston will either issue a summary judgement or send the case to trial...
...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...
...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...
...does not, however, address the issues that this case raises for all of us affiliated with the University. Harvard, through HIID, served the private interests of several of its officers—in direct conflict with their jobs, their obligations to the US government and the interests of the Russian country...