For all my colleagues in the FAS who are tempted to vote to retain President Summers, I want you to think about this if you do: is this the person you want to represent the University during the next ten to fifteen years? It should be pointed out to you that we have someone who does not have even the most basic leadership and management skills when it comes to running this University. Yes, he is a brilliant academic, but he is an idiot as a president. We have all seen and heard the horror stories about how he continues to treat department chairs; we have seen how he has treated the Dean; we have heard how he has beaten up the Provost. Many alumni who in the past have supported him are fed up. The Allston process is a mess and it is taking our money with little accountability. The Schleifer case is shameful and the President has lied to protect his friend.His actions in the past year have been only to try to save his own skin. This University is becoming the laughing stock of academia. The President may promise to change but we all know he will not. We cannot have Larry Summers running this place for the next ten to fifteen years.
 

Notice that Wikipedia's entry on Shleifer (quoted below) gives prominent mention to the Summers-Shleifer connection. The contrast batween Harvard's tolerance for unethical behaviour and Yale's immediate action in a much less serious case is likewise evident (though not commented on).
 

Wikipedia entry on Shleifer:
Under subhead "Scandal"

Much later, the US government alleged that Shleifer, his wife, his assistant Jonathan Hay, and Hay's girlfriend, had been buying Russian stocks while they were working on the country's privatization, which contravened Harvard's contract with USAID. In June 2004, a federal judge found Harvard, Shleifer and Hay liable for treble damages under the False Claims Act, which could amount to damages of up to $120 million for each of them. Shleifer and Hay were found to have defrauded the US government. There were no indications that Shleifer's tenure might have be revoked, since he is one of the stars of the economics department and a close friend of Harvard's president, Lawrence Summers (with whom he has also co-authored some articles). In June 2005, Harvard and Shleifer announced that they had reached a tentative settlement with the US government. On August 3 of the same year, Harvard University, Shleifer and the Justice department reached an agreement under which the university will pay 26.5 million dollars to settle the five-year-old lawsuit. Shleifer is also responsible for paying 2 million dollars worth of damage, though he does not admit any liability.

Shleifer with his other colleagues (Rafael La Porta, Robert W. Vishny, Simeon Djankov and Florencio Lopez de Silanes) have written extensively on corporate governance. Lopez de Silanes, formerly the director of Yale's International Institute for Corporate Governance (headhunted from Harvard by prominent lawyer-academic and corporate governance expert Ira Millstein) had his own scandal when he double-billed the university and the World Bank over his travel expenses. He resigned from his position as a result. The Institute was also downsized to a Center for Corporate Governance.

Shleifer is currently on leave from Harvard until 2006.