White Collar And Corporate Crime Essay

White Collar And Corporate Crime Essay-48
Thus, the two forms of crime (white-collar and corporate) overlap each other because they all happen within similar environments, in which the incentives are high for an individual or group of individuals to engage in bribery, money laundering, insider trading, forgery, and embezzlement.As in organized crime, the market is similar in both cases, since “the same market forces and factors that apply to legitimate (corporate) business markets are also mirrored in crime markets” (Dean, et al., 2010, p. This paper discusses the similarities and differences between corporate and organized crime.However, organized crime is so dynamic that it can involve almost any illegal undertaking from street drug peddling, to murders and kidnappings for ransom.

Thus, the two forms of crime (white-collar and corporate) overlap each other because they all happen within similar environments, in which the incentives are high for an individual or group of individuals to engage in bribery, money laundering, insider trading, forgery, and embezzlement.As in organized crime, the market is similar in both cases, since “the same market forces and factors that apply to legitimate (corporate) business markets are also mirrored in crime markets” (Dean, et al., 2010, p. This paper discusses the similarities and differences between corporate and organized crime.

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Similarly, it was the same kind of fraud that, in 2007, saw a number of supermarkets and dairy companies in the UK get fined $116 million for price fixing so as to artificially keep milk and cheese prices and profits high amidst a collapsing economy (Browne, 2011, p. In this regard, the pursuit of financial gains through illegal means is what essentially ties corporate and organized crime together.

Organized crime, such as mafias, engages in illegal activities such as drug and human trafficking for the sole purpose of making money.

In the world’s big economies where mega-scandals thrive, such as in the U.

S., “Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs” (Sachs, 2011, p. It is corporate crime involving insider trading and manipulation of financial records that is presently shaking Wall Street, beginning with ENRON’s concealing of a staggering$50 billion debt in 2001.

In some cases, politicians hold shares in companies that later get involved in scandals, and their power connections shield them from prosecution.

Thus, the close connections that exist between wealth and power on the one hand, and the law on the other, make it impossible for state authorities to rein in corporate and organized crime.

Generally, organized crime involve “the illegal activities carried out by structured groups of three or more persons existing for a prolonged period of time and having the aim of committing serious crimes through concerted action by using intimidation, violence, corruption or other means in order to obtain, directly or indirectly, a financial or other material benefit” (Council of Europe, 2002, p. The purpose of organized crime is to exploit illegal markets for monetary gains at the expense of society.

In this regard, organized crime is similar to corporate crime in that no specific individuals are singled out as victims.

The common consensus is that Organized crime functions as a continuing enterprise that rationally works to make a profit through illicit activities, and that it insures its existence through the use of threats or force and through corruption of public officials to maintain a degree of immunity from law enforcement, and more often than not, specialize in profitable yet illegal goods (Albanese, 2000, p. The functioning of organized crime differs from corporate crime in the secretive manner in which they carry out their activities.

While corporations are usually legitimate and publicly known businesses engaging in legal activities, organized crime, on the other hand, include secret groups whose members remain strive to remain anonymous.

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