Newspaper Annotated Bibliography
CCJS 453 798 WHITE-COLLAR CRIME (2148)
November 09, 2014
Newspaper Annotated Bibliography
Peter J. Henning. New York Times: Legal/Regulatory | White Collar Watch the Debate Over Wall St. Enforcement 2014.
One side threatens to crack down harder; the other side complains about too much enforcement. The tension on regulation has been on display recently as the regulated are pushing back against the tough stance taken on corporate misconduct. In October 2013, Mary Jo White, the Securities and Exchange Commission chairwoman, spoke at the Securities Enforcement Forum about a new approach based on the “broken windows” theory of ...view middle of the document...
The defendants face charges of racketeering information for grand theft, fraudulent securities transactions, money laundering and unlicensed telemarketing (Ampel) "The victims in this case used their life-savings to participate in an alleged 'investment opportunity' only to be left empty-handed," Attorney General Pam Bondi said in a news release. When at least 17 consumers withdrew from their retirement funds to make these investments, less than 1 percent of their money was used the way the defendants claimed, according to court documents.
Robert Kuttner. New American Hustle: Huff Post; Become a fan Co-founder and co-editor, 'The American Prospect 'Posted: 02/09/2014, Updated: 09/19/2014.
This article offers insight on white collar crime in our class room material, on the master minds of the biggest American Hustle of all. The financial frauds engaged in by America's largest banks and their top officials, has resulted in no criminal prosecutions of senior executives. Only a few relative small fry have been convicted of the relatively minor crime of insider trading. Oh, they did convict Bernie Madoff, whose scam was evident for a decade to a whistle blower whom the SEC didn't want to take seriously (Kutter). Bankers conspired to inflate the value of nearly worthless mortgage-backed bonds, to manipulate markets and to misrepresent the value of securities that they were simultaneously peddling to customers and betting against for their own profits. Corporations have paid tens of billions in fines to settle criminal and civil complaints against Madoff's bankers at JPMorgan, paid $2 billion to settle charges that they had knowingly turned a blind eye to his frauds. But no senior banker has even been criminally prosecuted. (Corporations may be legal "persons" according to the Supreme Court, but they are still directed by human persons.) As noted by Price and Norris, traditionally, the public's attention to crime has focused on violent crime prevention and enforcement. Most individuals assume that white-collar crime is less damaging to society and to the individual. For example, a 2005 National Public Survey of 402 households attempted to measure public perception of the criminal justice system's response to white-collar crime versus street crime. Respondents were asked to compare two situations: one involving a street crime where an individual was robbed of $1,000 and one involving white-collar crime such as the embezzlement of $1,000. The results were that about 63% of the respondents believed that the street crime offenders such as the robber in the example were more likely to be apprehended, and about 67% of the respondents concluded that the street criminals were more likely to receive stiffer penalties. Other findings included that about 66% of the respondents opined that the street criminals should receive stiffer punishments. However, about 61% concluded that the federal government should devote equal or more resources to enforcing and...