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Conceptions of white collar crimes
The problem of white collar crime
Conceptions of white collar crimes
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STOP RIGHT THERE! White collar crimes are bad, maybe not as bad as other crimes. But, they are still bad! White collar crimes are a financially motivated nonviolent crime committed by business and government professionals. People seem to think, that white collar crimes are not that big of a deal. Others think that they are, people have their title to their own opinions. In my opinion, white collar crimes are bad, any crime is. Do I think it is as bad as other crimes? No, but you do the crime, you pay the time is how I see it. What do you think? People don’t understand that these crimes can ruin other people's lives. If someone steals someone's credit card stuff and drains their bank account. How is that person supposed to take care of their family? There are many different types of white collar crimes such as money laundering, bank fraud and embezzlement. There is a difference in these different frauds. Money Laundering is concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. And bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution. If we made it aware of the punishments for commenting a crime, then maybe that would stop people from doing …show more content…
They say that because they think if it did not kill someone, then they really just comment an amateurish crime! But others say a crime is a crime no matter how big or small. In my personal opinion a crime is bad, some are worse than others. Yes, the punishments should be different depending on the crime. But, if you comment a crime, you should have to be in jail for at least 6 months depending on unscrupulousness of the crime. Someone told me that if its there first offense, then they should not get that big of a punishment and a multiple offence. People agree with that, and I agree with that
In one scenario of the film an offender only paid the victim fifty thousand dollars, while the victim was billed over a million dollars. For this type of crime where families lose their loved ones, sentences should be stricter. Fines should be stricter if you are found on your phone while driving. There should be more approaches to reduce texting and driving that the government needs to come up with. I believe the offender should pay for all the extra costs that the victim has to endure. All they do is little bit of community service instead they should assist the family with their needs. Basically, the offender deserves harsher penalties for their wrongdoing. By making a sentence harsh it would have more influence on future generations about texting and driving. (PUT IN THE CURRENT
Capital Murder is a heinous crime. Today i’m going to tell you all you need to know about Capital Murder. This type of crime will normally lead to the death penalty or life in prison which i wouldn’t imagine either one is not preferable so guys try to refrain from murder in general.
Loans are initially started in 20 century. Before the actual term loan comes into the world. There was so many other names of this term that have same function but have different names like borrowed money from any person with some interest but have a different name. Some called its borrowed money where some called loan. And in 20 century its finally turned to loan.
White collar crime is a term created by Edwin Sutherland in 1939 that refers to crimes committed by people of higher social status, companies, and the government according to the book “White-Collar Crime in a Nutshell” by Ellen Podgor and Jerold Israel. White collar crimes are usually non-violent crimes committed in order to have a financial-gain (Podgor and Israel 3). A very well known white collar crime that has even been taught in many history classes is the Watergate scandal. This is a white collar crime that was committed by government authorities. Watergate was a crime that shocked the nation.
Punishment, when speaking on serious terms, is socially valuable because it deters criminals from repeating their crimes and may keep others from repeating the same acts. If in fact the deterring effect misses its point, it is the fault of the justice system the all the red tape found behind it. At its current standing, the system is viewed as a joke because no authority is taken, no one believes, let alone fears, the system. Both the lengthy time and the high expense result from innumerable appeals, including many technicalities which have little nothing to do with the question of guilt or innocence. If these wasteless amount of appeals were eliminated or at least controlled, then the procedure would be much shorter, less expensive and more
One of the most recent white-collar crime involved Wells Fargo, a banking and financial services provider. In 2016 San-Francisco based bank Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts without permission of their customers. Opening about 1.5 million fraudulent deposit accounts and submitting 565,443 credit card applications allowed Wells Fargo employees to boost their sales targets and receive bonuses. Consequently, customers were wrongly charged fees for accounts they did not know existed. In this business crime scenario, Wells Fargo involved to pay $185 million in fines and refund $5 million to affected customers. Also, around 5,300
The installment of new security could even be a problem, for people who operate these new security systems could also be a potential thief. There is an approach among many enterprises that it is simpler to easily excuse the employee who committed the offense, instead of dealing with the law and the officers; and follow through with the money and time by prosecuting in order to seek restitution. Sometimes the firm does not to acquire the negative publicity that has to do with the internal offense, especially when their reputation is predominant to their company model. White-collar crime is often categorized as a crime without a victim, damaging only large, objective corporations. Recent news broadcasts portray nothing could be farther from the absolute truth.
White collar and corporate crimes are crimes that many people do not associate with criminal activity. Yet the cost to the country due to corporate and white collar crime far exceeds that of “street” crime and benefit fraud. White collar and corporate crimes refer to crimes that take place within a business or institution and include everything from Tax fraud to health and safety breaches.
With incarceration costs becoming high there are new alternatives rising, one of the most popular being public shaming. Public shaming should not be considered appropriate for any offense that can result in a short jail term. Public shaming can do so much emotional damage to someone, and no one should feel such incredible humiliation or self hatred. People who endure public shaming cannot bear to live with themselves sometimes that it could lead them to do something irrational. Public shaming at times is not even a punishment for some, if someone does a crime they should also do the time. Public shaming can comes with serious consequences if given to the wrong person and if given to others it is just a slap on the wrist. Crimes should be taken seriously and so should the punishments. People should go to jail or do community service based on what they have done, they should not be let go so easily.
One of the most recent white-collar crime involved Wells Fargo, a banking and financial services provider. In 2016 San-Francisco based bank Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts without permission of their customers. Opening about 1.5 million fraudulent deposit accounts and submitting 565,443 credit card applications allowed Wells Fargo employees to boost their sales targets and receive bonuses. Consequently, customers were wrongly charged fees for accounts they did not know existed. In this business crime scenario, Wells Fargo involved to pay $185 million in fines and refund $5 million to affected customers. Also, around 5,300
1. Reiman explains that the idea that white collar crime is taken less seriously is because it protects the elite classes. For example, if the public believes they should fear the poor more than the rich, the rich can commit more crimes and go unnoticed because the population is focused on the poor Reiman explains that that the way crime is explained does not exactly fit what we think crime is. He explains that the notion that white-collar crime being harmless is based on the idea that white collar crimes do not end in injury or death is false because more people’s lives are put at risk than “lower class” crimes. Reinman thinks it is necessary to re- educate the public on white-collar crimes for economic
Their crimes are more widespread, affecting millions of families probably by fraud of services that everyone should have the rights to such as insurance and health care. They may also swindle a majority out of their money for false promises. We don’t punish white-collar criminals justly because they have never directly impacted victims of their crimes but indirectly lessen their means of life financially. It is typically the non violence factor of their crimes that lessen their charges compare to a mugger that may assault their victims.
White-collar crimes and organizational structure are related because white collar-crimes thrive in organizations that have weak structures. According to Price and Norris (2009), the elites who commit white collar-crimes usually exploit weaknesses in organizational structure and formulate rules and regulations that favor their crimes. Makansi (2010) examines case studies to prove that white-collar crime is dependent on organizational structure. For example, the financial crisis that Merchant Energy Business faced in 2001-2002 occurred due to the liberal Financial Accounting Board, which failed to provide a standard model of valuing natural gas and fuel. Moreover, a financial crisis that rocked the securitization market in 2008 was due to fraudulence in the pricing of securitization products. These examples ...
The media contributes to public perception of white-collar crime and the criminals. The focus is rarely on institution or corporation, but instead focused on individuals. The media tends to sensationalize the story with myths about the actual event. The Bernie Madoff scandal is a very good example. Media coverage was more focused on Madoff’s wealth, power, and lifestyle, then on the crime. Like any crime the media can distort the image of the actual crime and it can spread the myths as fact. That leads to the community being misinformed about the correct terminology of white-collar
In a survey that was conducted by me at work out of 30 coworkers 18 were the victims of some form of identity theft.