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. On the side, according to federal prosecutors, Shleifer and his wife were using insider knowledge to make investments. 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. Sex differences in mental scores, variability, and numbers of high scoring individuals. and practitioners to determine "how best to maintain adequate regulatory safeguards without "Milton Friedman in South Africa is a fascinating product of one of Friedman’s ventures during a controversial time. Charles Ferguson points out the economist's role in what he characterizes as the deregulation of many domains of the financial sector. His continued support for Shleifer strengthened Summers's unpopularity with other professors, as reported in the Harvard Crimson: I've been a member of this Faculty for over 45 years, and I am no longer easily shocked," is how Frederick H. Abernathy, the McKay professor of mechanical engineering, began his biting comments about the Shleifer case at Tuesday's fiery Faculty meeting. President and Fellows of Harvard College, United States Deputy Secretary of the Treasury, Under Secretary of the Treasury for International Affairs, Harvard Institute for International Development, Harvard Graduate School of Arts and Sciences, United Nations Conference on Trade and Development, Economic policy of the Barack Obama administration, "Larry Summers: How the Great Brain learned to grin and bear it. [10] In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. [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. J. Lorand Matory ’82, professor of anthropology and of African and African American studies, called Summers’ responses at the Faculty meeting to queries about the Shleifer matter “nothing short of disgusting.” 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]. In January 2005, at a Conference on Diversifying the Science & Engineering Workforce sponsored by the National Bureau of Economic Research, Summers sparked controversy with his discussion of why women may have been underrepresented "in tenured positions in science and engineering at top universities and research institutions". Shleifer and his wife, hedge fund manager Nancy Zimmerman, made investments in the Russian economy even as he advised the government on economic reform. [58] In 2006 he was also a member of the Panel of Eminent Persons which reviewed the work of the United Nations Conference on Trade and Development. [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. He was also an active member of the MIT debating team and qualified for participation in the annual National Debate Tournament three times. He was a visiting academic at the London School of Economics[11] in 1987. 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. He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School. The US government had sued Shleifer under the False Claims Act, as he bought Russian stocks while designing the country's privatisation. ... the way it was not regulated, the way no one was watching ... is outrageous.". On March 15, 2005, members of the Harvard Faculty of Arts and Sciences, which instructs graduate students in Harvard Graduate School of Arts and Sciences and undergraduates in Harvard College, passed 218–185 a motion of "lack of confidence" in the leadership of Summers, with 18 abstentions. 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