Tick-tock on Andrei Shleifer and the Russia Project
David Warsh at Economicprincipals.com summarizes a longer article about the mishaps that can occur when an economist--at least when a Harvard economist--tries to create a country's financial markets almost single-handedly. Warsh states that the economist in question, Andrei Shleifer, has cost Harvard between 35 and 40 million dollars.
My first thought on reading that was "Wow, what kind of sanction does a professor get who costs his university $35 million?" But then I remembered that for Harvard, $35 million is just a few days' interest. (They probably have that much in lost change underneath the couch cushions in Littauer.)