I was reading about this in the Wall Street Journal....the lead crook saying he still didnt do anything wrong, but it was cheaper to settle than fight the charges.
Just like my alma mater UW getting caught overbilling the federal government in their medical center. They never admitted built....what kind of sign does that send your students?
Beware of Fundraising letters Alumni, LOL!
From Open Secrets:
SHLEIFER, ANDREI
NEWTON,MA 02459
HARVARD UNIVERSITY
6/20/2002
$1,000
Biden, Joseph R J
No jail time? What a shame. These 'white collar' criminals would crap their pants if they got put in a hard core prison with the rapists, dealers and murderers.
Notice - This story is not worthy of mainsteam news coverage! If it were Halliburton instead of Harvard, than it is NYT page one!
It is not just their personal misdeeds that were bad but they did far worse in teaching the Russians that was the way to get ahead in a free enterprise society. Many of Russia's problems today result from what they learned from these Harvard sociailists that Clinton sent over there.
The US goes pays two guys from Commie Central to give advice to the Russians on capitalism? At least the gov is getting their money back, they'll just blow it on something just as stupid.
This is being settled because the people equally guilty but unmentioned in this article include Robert Rubin, and a good deal of Citigroup's Russian market division in the 1990's.
The US and the world, might have to suffer from decades of neoimperialist Russia because these bastards destroyed the seeds of real reforms whilst still in the incubator.
Every time Clinton speaks on Democracy, as a concept, remember that every subject in Putin's Russia and Lukashenko's Belarus lost their chance at some semblance of a democratic Republic because of the thieves working with US government authority under Clinton appointees.
March 19, 2001
Using their Positions
This past fall, the U.S. government filed a $120 million suit against
Harvard University, the Harvard project's two principals -- Mr. Shleifer
and Harvard's on-site director, Jonathan Hay -- and their wives. The suit
alleges that the two principals "were using their positions, inside
information and influence, as well as USAID-funded resources, to advance
their own personal business interests and investments and those of their
wives and friends." All the defendants have denied the allegations in the
U.S. government's case.
******
In 1997, USAID was forced to cancel most of its funding for
HIID, after investigations showed that top HIID officials Andre
Shleifer and Jonathan Hay had used their positions and insider
information to profit from investments in the Russian securities
markets. Among other things, the ILBE was used to assist
Shleifer's wife, who operated a hedge fund which speculated in
Russian bonds.
The DOJ complaint cites a number of specific instances in
which Hay, Shleifer, and their wives, engaged in business deals
involving the very Russia state agencies that they had helped
create, and regulations they had drafted:
-- Shleifer and his wife Nancy Zimmerman invested in Russian
companies which they had helped to privatize, and for which they
had provided USAID-funded legal services, and then also invested
in short-term Russian government securities (``GKOs'').
-- Hay, Shleifer, and Shleifer's wife invested in privatized
Russian oil companies, and had the stocks registered in the name
of Shleifer's father-in-law.
-- Hay, Shleifer, and their wives participated in the
launching of Russia's first mutual fund, the first such fund to
be licensed by the Russian Securities Commission, an agency
created and advised by Hay, Shleifer, and HIID.
-- Hay and his girlfriend (now wife) Elizabeth Hebert
created a private real estate firm to manage properties in
Russia; he also assigned World Bank-funded staff to work on
creating a real-estate mutual fund.
-- Hay and Shleifer's wife Nancy Zimmerman concocted a
scheme by which they traded in short-term government GKOs, and
then repatriated the profits to the United States in violation of
Russian rules designed to limit capital flight. The general
director of the Russian company which was utilized in this
scheme, was an employee of Harvard's Russian affiliate, the ILBE,
according to the DOJ complaint. Moreover, as a government
adviser, Shleifer was privy to insider information concerning the
Russian bond market, which he used for his own profit.
The DOJ complaint not only seeks recovery of at least $40
million paid to Harvard, but also other relief, including triple
damages, and all profits earned by the defendants.
ping
September 27, 2000
Andrei Shleifer, a prize-winning economics star and
tenured Harvard professor, and Jonathan Hay, a former Harvard legal expert,
deny any wrongdoing. Harvard University, too, rejects the accusation that it
failed in its obligation to supervise the advisers.
Today the univerity's general counsel called the request for damages — up to
$120 million from Harvard and the defendants — far out of proportion to any
harm possibly done.
A couple of Harvard and Stamford educated elitists were all set to go to Russia and teach them the values of the west and capitalism about the same time this scam went into operation. They went to DC for the interview and were nixed when they admitted they couldn't speak Russian. For a pair of high flyers, it seems elementary that they would have taken a speed Russian course first. But they were so special, nothing ever denied them, that they couldn't believe they'd be turned down.
What no freaking Jail time???
Did I miss the pic of these Harvard crooks' perp walk to the police car? I certainly hope there isn't a double standard being used here....