With the latest string of corporate crime "busts," we are realizing
more and more that wearing a suit and tie to work does not exempt one from
criminal action. Corporate crime, though not violent in nature, is
incredibly harmful with regards to society. Chief executive officers in
companies such as Enron, Worldcom, and Tyco cheated their employees and
investors out of millions of dollars (Puscas 2003). Much of that money was
earmarked for pension benefits, retirement plans, and medical insurance for
the company's workforce. Corporate crime can also be detrimental to the
economy in that it reduces confidence in the stock market and other related
There are two reasons why corporate crime is so prevalent (at least
recently). Firstly, because those committing corporate crimes think they
can get away with it, and secondly, because they believe that punishments
for the crimes will be minimal. In order to fight corporate crime, we need
to address these two prevailing notions.
The first issue to address is criminal prosecution. It is often the
case that prosecuters assigned to a case involving white collar crime will
be reluctant to push the case as far as one involving drugs or violence.
The reality is that corporate crime, at least in the past, was a low
priority for District Attorneys. It was easier to justify sending someone
to jail who had murdered another individual, then someone who falsified
White collar crimes are defined as nonviolent crimes committed in
commercial situations by individuals, groups, or corporations for financial
gain. They include but are not limited to the following types of fraud:
antitrust fraud, bankruptcy fraud, bribery, computer fraud, credit card
fraud, counterfeiting, embezzlement, environmental fraud, financial fraud,
government fraud, identity fraud, insider trading, insurance fraud,
kickbacks, mail fraud, and trade secret ...