Shots in the Dark

The Crimson has a helluva piece today on allegations of “pervasive ethical deficiencies” at the Harvard Management Company.

The charges come from Stephen Rose, a former tax director at the firm, who tried to warn Harvard about corruption and cronyism at HMC.

“The general disregard for the rules, procedures and compliance—it was ridiculous,” Rose said in an interview with The Crimson. “You had to be quiet and do it and put blinders on. If you were doing work in other aspects of the company, you could just do your job. But in [my] part of the job, you couldn’t ignore things.”

Harvard Management Company—which oversees Harvard’s multi-billion dollar endowment—was plagued by a culture of ethical laxity, Rose said. Special relationships with funds run by former employees and the use of offshore investment companies—both used to boost HMC’s once-legendary returns—may not be illegal, but are considered to be ethically questionable by some, particularly in light of Harvard’s non-profit status.

Adding to the allegations made by Iris Mack, these new charges are starting to flesh out a picture of a seriously toxic and perhaps deeply corrupt culture at HMC.

Trust me—Harvard will try to cover this up as much as possible, but this is a very big story. The HMC story may be a bigger threat to Harvard’s future than the failed presidency of Lawrence Summers. I’ll go further: Because its financial implications are so profound and long-term, it is a bigger threat.

This is going to get worse before it gets better.

There is one thing that Harvard could do, which it should do…but which it will never do.

It should hire outside counsel—new outside counsel—conduct a full investigation—not like the one they conducted and buried—and then disclose the entire investigation to the public.

This is one story too big and too poisonous to be covered up.

But Harvard will try. Covering up is the default instinct within certain areas of the the Harvard power structure—the corporation, the executive v-ps, some of the public affairs people—and it is the result of a failure to believe in the values of a university and a conviction in the principles [sic] of the money culture.

The battle for the soul of a university, indeed.

Levi, his mother and his sister, Mercede—which is pronounced like an incorrect singular version of the car—went on Larry King Live last night. (That Mercede is moving to New York, I’ll bet; she’s got star quality!)

It’s a bizarre, tawdry, strangely fascinating sight. How long will it be before the Johnstons become the stars of a reality TV show?

Is sheep hunting pretty much what it sounds like? And if so, how hard can that be?

The House of Representatives held a hearing on the newspaper industry yesterday, which was probably a dumb thing. But even dumber were…the representatives. The Washington Post’s Dana Milbank reports,

The dominant sentiment of lawmakers was indifference; most of the 14 subcommittee members didn’t show up. The task of leading the hearing was left to Rep. Hank Johnson (D-Ga.), who chairs the relevant subcommittee but seemed not entirely prepared for the job. He twice misidentified the ranking Republican member and introduced a panel of witnesses by saying, “Hear ye, hear ye, hear ye. . . . Come forward and assume the position.” Johnson then directed reporters in the room to stand but assured them that “you will not have to assume the position.”

Curious.

A spoof of that unintentionally hilarious anti-gay marriage ad. Pretty funny.

This year, he stinks again. Even the Globe says so. The hitting coach says it has to do with his swing….

I’ve been listening to the new Depeche Mode album, but mostly on a blown iPhone headset, so I’m not prepared to share my thoughts just yet.

(Also: deadlines! Argh. Like George Foreman, they are beating me about the head and face.)

In the meantime, the LA Times writes.…

That bleak tone is frequently recaptured on their newest release, “Sounds of the Universe,” beginning with “In Chains,” a brooding seven-minute romantic melodrama that hums and crackles with electronics as singer Dave Gahan seethes: “The way you are has left me burning.” * He’s gifted at expressing desperate love, putting a gospel twist on the band’s bitter hard-drive heart.

The best of these 13 tracks** are inflamed with similar human emotion, using icy cool electronics as dramatic contrast to the feeling within “Hole to Feed,” which percolates with vintage synth effects and the twang of Martin Gore’s full-bodied acoustic guitar. It represents a harder edge than many of the pop acts inspired by Depeche Mode’s example, beginning with the Killers. “Come Back” is practically industrial rock, with fuzzy, dirty sounds and a singer again in agony. On “Little Soul,” Gahan announces: “This little voice is going to sing / I have no choice.”

I can tell you that In Chains is an instant classic….even if you’re not a huge DM fan (and why aren’t you, that’s a little weird), download it off iTunes and play it loud. Totally rocks. That guitar sounds like it’s going to electrocute someone.

__________________________________________________________________________________________

P.S. It’s actually The way you move has got me burning.

Newspapers.

The song goes:

I know you know what you’re doing to me

I know my hands will never be free

I know what it’s like to be in chains…

And who can’t relate to that?

** Actually, 21 tracks if like me you pre-ordered the album off iTunes.

Today’s the big day, and I’m on deadline. Plus, maybe 14 hours of sleep since Saturday. This is no way to live…and certainly no condition in which to write about Depeche Mode’s new album.

As we say in the biz, more TK.

FUP, in fine form.

Time is running short, so let me be quick.

With Dave Gahan on the mend, Depeche Mode released Exciter in 2001. It’s an inconsistent album, not one of my favorites, but I love this song, Goodnight Lovers, which features some gorgeous harmonizing from Gore and Gahan. Note, too, at the end of the video, the obvious warmth between the two men. Gore puts his arm around Gahan; and at the song’s close, Gahan plants an affectionate kiss on Gore’s head. It looks completely genuine and spontaneous and unrehearsed—a whisper of camaraderie from one survivor to another.

2005’s Playing the Angel was a welcome return to form. My favorite: probably the album opener, A Pain that I’m Used To, which announces itself with an industrial blast. (It would become a concert-starter as well, as here in Germany.)

And let’s do one more, Precious, which is interesting because of its subject matter: the effect of Gore’s divorce upon his children.

Precious and fragile things
Need special handling
My God, what have we done to you?

…Things get damaged
Things get broken

Tomorrow: what it all means.