andrei shleifer wife

“Kirby said to me such things are normally heard by [the committee],” Abernathy said. Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (of Romanian-Jewish ancestry), who are both professors at the University of Pennsylvania. McClintick’s article alleges that Summers knew that Shleifer and Zimmerman had been investing in Russia, but not that Summers knew specific details of the investments. He retains an ownership interest. Romer revised her recommendation to $1.2 trillion, which Summers agreed to include in the memo, but Summers struck the figure at the last minute. [27] Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets. On the side, according to federal prosecutors, Shleifer and his wife were using insider knowledge to make investments. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession. The 18,000-word article, “How Harvard Lost Russia,” by investigative journalist David McClintick ’62, is a copious narrative of the activities of the Harvard Institute for International Development (HIID) in advising the Russian government while supported by funding from the State Department’s Agency for International Development (AID). Shleifer was a co-founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm. Disclosure: Shleifer was a co‐founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm.Shleifer's wife is a partner in a hedge fund, Bracebridge Capital. The Justice Department said Hay and Shleifer, along with Shleifer’s wife and a woman now married to Hay, made investments and business deals in Russia that were in conflict with their duties. Harvard University, Hay’s and Shleifer’s contractor, was ordered to pay $26.5 million; Hay up to $2 million. The Comprehensive Case Against Larry Summers - The Atlantic In 1999, he succeeded Rubin as Secretary of the Treasury. [42] Summers apologized repeatedly. While working for the Clinton administration, Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. Shleifer’s wife is a partner in a hedge fund, Bracebridge Capital. From its inauguration in 1992 until it was shut down in 1997, Shleifer served as project director of the Harvard Institute for International Developments Russian aid project. And Peter Orszag, another top economic advisor, called Summers "one of the world's most brilliant economists. criticized Summers, saying that he thought that President Barack Obama is "ill-advised by Larry Summers. "Free to Choose holds up very well even after forty years. He was already one of the world's most famous economists, and in 1951 the American Economic Association had awarded him the prestigious John … National Security Advisor, Strategic Comm. He also currently serves on the Berggruen Institute's 21st Century Council, and was part of a 2015 Berggruen-organized meeting with Chinese president Xi Jinping. Years later, after Summers became University president in 2001, he “was concerned to make sure that Professor Shleifer remained at Harvard” and expressed as much to then-Dean of the Faculty Jeremy R. Knowles, Summers testified in a 2002 deposition quoted in the article. Because Harvard paid almost all of the damages and allowed Shleifer to retain his faculty position, the settlement provoked allegations of favoritism on Summers. Andrei Shleifer served as a Project Director of the Russia Project throughout the two agreements. This was perfected by Coleman Young, mayor of, you guessed it, Detroit. The US government had sued Shleifer under the False Claims Act, as he bought Russian stocks while designing the country's privatisation. [16], In December 1991, while at the World Bank, Summers signed a memo that was leaked to the press. Kirby’s spokesman, Robert Mitchell, declined to comment on that possibility, citing Faculty policy. "[85], A coalition of progressive groups called on Joe Biden's 2020 presidential campaign to no longer use Summers as an advisor, after reports surfaced that Summers was advising the campaign on economic policy. This was perfected by Coleman Young, mayor of, you guessed it, Detroit. —Staff writer Anton S. Troianovski can be reached at atroian@fas.harvard.edu. He was also an active member of the MIT debating team and qualified for participation in the annual National Debate Tournament three times. National Security Advisor, Iraq and Afghanistan. “I wasn’t there and I don’t have anything to say,” he wrote in an e-mail. Vishny was a co-founder of LSV Asset Management. “He cares so little for Harvard’s name and Harvard’s mission to do good in the world,” Matory said of Summers.—Evan H. Jacobs contributed to the reporting of this story. But in an August 1996 scene recounted in McClintick’s article, Summers, then the deputy secretary of the Treasury, told the couple it would be “a good idea for Andrei to make sure he was operating within the rules of whatever legal arrangements he had with Harvard.” Summers told Zimmerman she “should just think hard” about her activities, the story reported. “People I haven’t heard from in years...have called me up and said, ‘Is it true?’” As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Economists similar to or like Andrei Shleifer. [31], On May 7, 1998, the Commodity Futures Trading Commission (CFTC) issued a Concept Release soliciting input from regulators, academics, Shleifer was also responsible for paying $2 million worth of damages. When asked if Summers's talk was "within the pale of legitimate academic discourse," Pinker responded "Good grief, shouldn't everything be within the pale of legitimate academic discourse, as long as it is presented with some degree of rigor? Such a carefree signature, before the great recession. It was also during this time that Summers was diagnosed with Hodgkin's lymphoma. An article in the Harvard Crimson in 2003, during Summers's tenure as president, detailed a reportedly "special connection" between Summers and sex offender Jeffrey Epstein. "[22], Summers pressured the Korean government to raise its interest rates and balance its budget in the midst of a recession, policies criticized by Paul Krugman and Joseph Stiglitz. And that view is shared by everyone in our department.” [37] "The hip-hop scared him. His Harvard University co-conspirators, Andrei Shleifer and his wife, Nancy Zimmerman, were also convicted and fined. ... Mr. Shleifer's wife… In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. Six months after the University paid $26.5 million to settle a government lawsuit implicating Harvard economist Andrei Shleifer, controversy over the case has erupted anew and fed the Faculty’s current uprising against Shleifer’s close friend, University President Lawrence H. Summers. [30] Indeed, as a member of President Clinton's Working Group on Financial Markets, Summers, along with U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt, Fed Chairman Greenspan, and Secretary Rubin, torpedoed an effort to regulate the derivatives that many blame for bringing the financial market down in Fall 2008. [23] According to the book The Chastening, by Paul Blustein, during this crisis, Summers, along with Paul Wolfowitz, pushed for regime change in Indonesia. In the 2010 documentary Inside Job, Summers is presented as one of the key figures behind the financial crisis of 2007–2008. [84], In June 2016, Summers also wrote, "I believe the risks to the US and global economies of Mr Trump’s election as president are far greater [than passage of Brexit]. In October 2006, at the close of that review, Shleifer released a statement making it clear that he remains on Harvard's faculty. Andrei Shleifer is similar to these economists: David Laibson, Jonathan Gruber (economist), Pol Antràs and more. Certain members of this network, which included Harvard graduates Hay, Jeffrey Sachs, Andrei Shleifer, Robert Rubin, Larry Summers, David Lipton, and others, misused funds from USAID that were intended for Russian economic development and rigged deals for privatization to gain control of key Russian industries in backroom negotiations. Abernathy said yesterday that he was not satisfied with Summers’ response that he knew too little about the matter to comment on it. “I am not knowledgeable of the facts and circumstances to be able to express an opinion as a consequence of my recusal,” Summers said, eliciting more murmurs from the audience. Vishny was a co‐founder of LSV Asset Management. Shleifer‟s wife is a partner in a hedge fund, Bracebridge Capital. He attended Harvard University as a graduate student (Ph.D., 1982). Andrei Shleifer (/ˈʃlaɪfər/ SHLY-fər; born February 20, 1961) is a Russian American economist and Professor of Economics at Harvard University, where he has taught since 1991. [88], In 2013, Summers emerged as one of two leading candidates, along with Janet Yellen, to succeed Ben Bernanke as head of the Federal Reserve System in 2014. [80] In July 2015 Summers joined the Board of Directors of Premise Data, a San Francisco-based data and analytics technology company that sources data from a global network of on-the-ground contributors. [53][54] Epstein otherwise had no formal connection to Harvard. Shleifer was investing money in privatisations, while advising the government on privatisations. He is a member in the Group of Thirty. Summers has also worked in international economics, economic demography, economic history and development economics. "[52] A charity funded by Epstein also donated to the production of a PBS show hosted by Summers's wife and Harvard professor Elisa New. He was also influential in the Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act. [63] By the time he returned in 2009 to serve in the Obama administration, he reported a net worth between $17 million and $39 million. Shleifer settled the case for $2 million. [70], In January 2009, as the Obama Administration tried to pass an economic stimulus spending bill, Representative Peter DeFazio (D-OR.) Science, 269, 41–45. It made me pause for a second: have I ever actually watched every episode of Free to Choose all the way through? He retains an ownership interest. "[34], When George Stephanopoulos asked Summers about the financial crisis in an ABC interview on March 15, 2009, Summers replied that "there are a lot of terrible things that have happened in the last eighteen months, but what's happened at A.I.G. But Abernathy said yesterday that outgoing Dean of the Faculty William C. Kirby told him that the committee may be examining the Shleifer case. Lubinski, D., & Benbow, C. M. (2006). Disclosure: Shleifer was a co-founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm. Deciding that I hadn't, I went to the website of the Free to Choose Network and queued it up. He then went on to argue that, if this research were to be accepted, then "whatever the set of attributes ... that are precisely defined to correlate with being an aeronautical engineer at MIT or being a chemist at Berkeley ... are probably different in their standard deviations as well".[38]. I've always thought that under-populated countries in Africa are vastly underpolluted. But, Abernathy continued, “I was deeply shocked and disappointed by the actions of this University” in the Shleifer affair, which was detailed in a lengthy magazine article that jolted many professors out of their reading period slumber last month. “I would have been very pleased had President Summers said that it was a sorry event in Harvard’s history but it’s behind us, and I have recused myself from it, and I’m not going to make any comments one way or the other.” Six months after the University paid $26.5 million to settle a government lawsuit implicating Harvard economist Andrei Shleifer, controversy over the case has erupted anew and fed the Faculty’s current uprising against Shleifer’s close friend, University President Lawrence H. Summers. [17] The memo stated that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that. Shleifer and his wife, hedge fund manager Nancy Zimmerman, made investments in the Russian economy even as he advised the government on economic reform. Dep. Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Zimmerman, June G. (nee Goldberg), beloved wife of Howard, devoted mother of Sue (Cary) Ulman and Nancy (Andrei Shleifer) Zimmerman, proud grandmother of Ben and Jason Ulman, Sam, Danny and Zoe Shleifer, dear sister of Ruth (Harold) Becker, fond sister-in-law of Don (Linda) Zimmerman and Muriel (the late Phillip) Revitz. The US government’s long-running wrangle with economist Andrei Shleifer and Harvard University over Harvard’s ill-fated Russia Project in the 1990s was resolved last week, in the government’s favor. impairing the ability of the OTC (over-the-counter) derivatives market to grow and the ability of U.S. entities to remain competitive in the global financial marketplace. West pushed back strongly against the accusations. He has a steady stream of students, presides over a growing literature in comparative economics, and has developed an interesting sideline in the economics of persuasion. ", "Victoria J. Perry, A Lawyer, Is Wed To an Economist", "In Honor of Lawrence H. Summers, Winner of the John Bates Clark Medal", "The 30 Most Famous Harvard Students Of All Time", "New ideas: The World Bank hires a famous contrarian,", A New Economic Team: The Nominee; The Administration's Fiscal Closer, "Kyoto Redux? Now, thanks to McClintick’s article, the Shleifer matter is getting broader attention from observers. Influential psychologist Steven Pinker defended the legitimacy of Summers's January lecture. [35] On April 18, 2010, in an interview on ABC's "This Week" program, Clinton said Summers was wrong in the advice he gave him not to regulate derivatives. [79] He joined the board of person-to-person lending company Lending Club in December 2012. Summers then went on to discuss approaches to remedying the shortage of women in high-end science and engineering positions. Summers set up a project through which the Harvard Institute for International Development provided advice to the Russian government between 1992 and 1997. His Harvard University co-conspirators, Andrei Shleifer and his wife, Nancy Zimmerman, were also convicted and fined. His close friend and longtime Harvard colleague, Russian-born economist Andrei Shleifer, was head of a Harvard-initiated project in Moscow, which had the prime contract with USAID to help with the post-Soviet economic transition. [73] In late 2008, Summers and economic advisors for then-President-elect Obama presented a memo with options for an economic stimulus package ranging from $550 billion to $900 billion. Summers then began by identifying three hypotheses for the higher proportion of men in high-end science and engineering positions: The second hypothesis, the generally greater variability among men (compared to women) in tests of cognitive abilities,[39][40][41] leading to proportionally more males than females at both the lower and upper tails of the test score distributions, caused the most controversy. ", "The Memo that Larry Summers Didn't Want Obama to See", "Financial Industry Paid Millions to Obama Aide", Square Adds Former U.S. Secretary Of The Treasury Larry Summers To Board, With An IPO On Its Radar, Lending Club Adds Former Treasury Secretary Larry Summers To Its Heavyweight Board, "Welcoming Larry Summers to Premise's Board of Directors", "Larry Summers: Data collection is the ultimate public good", "Staying in EU 'best hope' for UK's future say ex-US Treasury secretaries", "Lawrence Summers on Brexit: A wakeup call for elites", "The economic consequences of a Trump win would be severe | Larry Summers", "Progressive groups renew push to oust Larry Summers from Biden campaign citing environmental concerns", "Joe Biden Under Pressure From Progressives To Cut Out Larry Summers", "Larry Summers Rules Out Taking a Job in a Biden Administration", "Larry Summers withdraws name for Fed chair job", "Summers Pulls Name From Consideration for Fed Chief", "Larry Summers and the Subversion of Economics", "Lawrence Summers collected news and commentary", Robert Scheer on Resignation of Lawrence Summers, Director of the National Economic Council, Office of Faith-Based and Neighborhood Partnerships, Office of Energy and Climate Change Policy, United States Secretaries of the Treasury, https://en.wikipedia.org/w/index.php?title=Lawrence_Summers&oldid=990923452, John F. Kennedy School of Government faculty, MIT School of Humanities, Arts, and Social Sciences alumni, Members of the Steering Committee of the Bilderberg Group, Members of the United States National Academy of Sciences, Politicians from Brookline, Massachusetts, Committee for a Responsible Federal Budget, Fellows of the American Academy of Arts and Sciences, All Wikipedia articles written in American English, Short description is different from Wikidata, Pages using infobox economist as a module, Articles containing potentially dated statements from March 2017, All articles containing potentially dated statements, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Dep. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position. ^ While Shleifer was responsible for paying $2 million worth of damages, Harvard Mafia bought him out. Andrei Shleifer, a Harvard economics professor, and former Harvard legal expert Jonathan Hay were key defendants in the suit, filed in U.S. District Court in Boston. I would like nothing better than to be proved wrong, because I would like nothing better than for these problems to be addressable simply by everybody understanding what they are, and working very hard to address them.[38]. Harvard and Andrei Shleifer, a close friend and protégé of Summers, controversially paid $28.5 million to settle a lawsuit by the U.S. government over the conflict of interest Shleifer had while advising Russia's privatisation program. "[47], Summers had stronger support among Harvard College students than among the college faculty. Shleifer, meanwhile, remains a senior Faculty member with a coveted endowed professorship. Vishny was a co-founder of LSV Asset Management. Office Memorandum from Lawrence M. Summers, Subject: GEP, the World Bank/IMFMIGA, 12 Dec 1991. At the time Summers stated that "to date there has been no clear evidence of a need for additional regulation of the institutional OTC derivatives market, and we would submit that proponents of such regulation must bear the burden of demonstrating that need. Friedman’s analysis still holds, and it’s interesting to see (for example) how the rhetoric of the opposition to educational choice hasn’t really changed. Disclosure: Shleifer was a co-founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm. He retains an ownership interest. “There is a good deal of pent-up concern about this on the Harvard Faculty, but many Harvard Faculty members have been reluctant to speak out,” McClintick said. Disclosure: Shleifer was a co-founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm. [43] Nevertheless, the controversy is speculated to have contributed to his resigning his position as president of Harvard University the following year, as well as costing Summers the job of Treasury Secretary in Obama's administration. “There might be a scandal, and you could become embroiled,” Summers told Zimmerman, according to the article. “But his remark was noncommittal.” In an e-mail last night, Summers’ spokesman reiterated the stance the president took at the Faculty meeting Tuesday, insisting that Summers could not comment because of his recusal. “A number of people have contacted and asked me about [the article],” said Harry R. Lewis ’68, the McKay professor of computer science. Charles Ferguson points out the economist's role in what he characterizes as the deregulation of many domains of the financial sector. [15] In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. “I have taken no role in Harvard’s activities in the courts, nor...familiarized myself with the facts of the situation,” Summers told Abernathy. [59][60], On October 19, 2006, Summers was hired as a part-time managing director of the New York-based hedge fund D. E. Shaw & Co. for which he received $5 million in salary and other compensation over a 16-month period. He has a steady stream of students, presides over a growing literature in comparative economics, and has developed an interesting sideline in the economics of persuasion. White House Deputy Chief of Staff for Planning, Dep. Lehrke, R. (1997). Andrei Shleifer (; born February 20, 1961) is a Russian American economist. "[18] According to Pritchett, the memo, as leaked, was doctored to remove context and intended irony, and was "a deliberate fraud and forgery to discredit Larry and the World Bank."[19][17]. Shleifer’s wife is a partner in a hedge fund, Bracebridge Capital. In an 18,000-word article "How Harvard lost Russia" in Institutional Investor by David McClintick (January 2006), the magazine detailed Shleifer's alleged efforts to use his inside knowledge of and sway over the Russian economy in order to make lucrative personal investments, all while leading a Harvard group, advising the Russian government, that was under contract with the U.S. [1], The World Bank's official site also reports that Summer's research included an "influential" report that demonstrated a very high return from investments in educating girls in developing nations. Hedges, L. V., & Nowell, A. In August 2005, Harvard University, Shleifer and the Justice department reached an agreement under which the university paid $26.5 million to settle the five-year-old lawsuit. Disclosure : Shleifer was a co‐founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm.Shleifer's wife is a partner in a hedge fund, Bracebridge Capital. [15] He is considered Harvard's first Jewish president, though his predecessor Neil Rudenstine had Jewish ancestry, and received praise from Harvard's Jewish community for his support.[36]. Andrei Shleifer served as a Project Director of the Russia Project throughout the two agreements. Under the second agreement, he was the sole Project Director. Federal prosecutors have charged that Shleifer and his wife, hedge fund manager Nancy Zimmerman, violated State Department conflict-of-interest restrictions by investing in … Shleifer's conduct was reviewed by Harvard's internal ethics committee. Summers left Harvard in 1991 and served as Vice President of Development Economics and Chief Economist for the World Bank until 1993. [66], Upon the inauguration of Barack Obama as president in January 2009, Summers was appointed to the post of director of the National Economic Council. National Security Advisor, Chief of Staff, Deputy White House Communications Director, Public Engagement and Intergovernmental Affairs, Director, White House Information Technology, Different socialization and patterns of discrimination in a search, This page was last edited on 27 November 2020, at 08:03. Summers has three children (older twin daughters Ruth and Pamela and son Harry) with his first wife, Victoria Joanne (Perry). He underwent treatment and has since remained cancer free. [74] According to The New Republic, economic advisor Christina Romer initially recommended a $1.8-trillion package, which proposal Summers quickly rejected, believing any stimulus approaching $1 trillion would not pass through Congress. "[71] DeFazio, along with liberal economists including Paul Krugman and Joseph Stiglitz, had argued that more of the stimulus should be spent on infrastructure,[72] while Summers had supported tax cuts. Yet even as much of the controversy surrounding the Shleifer affair centers on circumstantial evidence and speculation, it has provided ammunition for some of Summers’ most vocal critics. On June 28, 2004, a U.S. district court found Shleifer liable for conspiracy to defraud the U.S. government, and concluded that Harvard had breached its contract with the government. [91], In The Simpsons episode "E My Sports" (S30 E17), the character Principal Seymour Skinner looks at a $100 bill and remarks "$100 bill, autographed by Lawrence Summers. Shleifer and his wife, hedge fund manager Nancy Zimmerman, made investments in the Russian economy even as he advised the government on economic reform. But until the story’s publication, many professors were wary of discussing the matter. Share. Free to Choose does more than show that freedom works. Summers believed that the matter was outside the university's jurisdiction, and advised the twins to take their complaint to the courts.[56]. [14] He received the John Bates Clark Medal in 1993 from the American Economic Association. Topic. [48], In July 2005, a board member of Harvard Corporation, Conrad K. Harper, resigned saying he was angered both by the university president's comments about women and by Summers being given a salary increase. Perhaps, now that Harvard’s Russia scandal is receding into the past, Andrei Shleifer, 47, will take it easy. [77], Since leaving the NEC in December 2010, Summers has worked as an advisor to hedge fund D. E. Shaw & Co, Citigroup and the NASDAQ OMX Group while resuming his role as a tenured Harvard professor. Shleifer’s wife is a partner in a hedge fund, Bracebridge Capital. In 2016, remarking upon political correctness in institutions of higher education, Summers said: There is a great deal of absurd political correctness. Shleifer’s wife was attempting to become a majority stakeholder in companies which provided the infrastructure for the Russian securities market, at a time when the project Shleifer headed was writing the rules for the Russian securities market. During the early 1990s, Andrei Shleifer headed a Harvard project under the auspices of the Harvard Institute for International Development (HIID) that invested U.S. government funds in the development of Russia's economy. In an interview today from Cambridge, Mass., Mr. Shleifer said his wife, who owns an investment company in Boston, paid for legal services from a commercial subsidiary of … In 2004, a federal judge ruled that while Harvard had violated the contract, Shleifer and his associate alone were liable for treble damages. [52] Summers's ties to Epstein reportedly began "a number of years...before Summers became Harvard’s president and even before he was the Secretary of the Treasury. Friedman’s analysis still holds, and it’s interesting to see (for example) how the rhetoric of the opposition to educational choice hasn’t really changed. "[32] On July 30, 1998, then-Deputy Secretary of the Treasury Summers testified before the U.S. Congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies." At age 16,[9] he entered Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics (S.B., 1975). [68] On the other hand, Obama himself was reportedly thrilled with the work Summers did in his first few weeks on the job. "Milton Friedman in South Africa is a fascinating product of one of Friedman’s ventures during a controversial time. [25], As Treasury Secretary, Summers led the Clinton Administration's opposition to tax cuts proposed by the Republican Congress in 1999. Friedman was no stranger to great honors. Schleifer was also a direct advisor to Anatoly Chubais, then vice-premier of Russia, who managed the Rosimushchestvo (Committee for the Management of State Property) portfolio and was a primary engineer of Russian privatization. Reached a tentative settlement with the facts than I am or you are, ” Summers Zimmerman... 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