White Collar:
The term white-collar worker refers to a person who performs professional, managerial, or administrative work, in contrast with a blue-collar worker, whose job requires manual labor. Typically white collar work is performed in an office or cubicle.The term refers to the white dress shirts of male office workers common through most of the nineteenth and twentieth century in Western countries. What is white collar corruption?
White Collar Corruption is a term that was defined by Edwin Southerland, Sociologist of criminology. The term is identifying those illegal non-violent activities that involve traditional notions of deceit, deception, concealment, manipulation, breach of trust or illegal circumvention. These corruptions have been known to be committed by business professional and government agents. Today it is known that white collar corruption can be committed by anyone, from many different backgrounds; whether it is race, gender, education or social status. White collar corruption include: anti-trust law violations, bankruptcy fraud, bribery/kickbacks, computer/internet fraud, counterfeiting, credit card fraud, embezzlement, environmental law violations, financial corruptions, government fraud, health care fraud, identity theft, insider trading, insurance fraud, mail fraud, money laundering, public corruption, qui tam, securities exchange, tax evasion, telemarketing fraud and trade secret theft. Though these corruptions are non-violent they have a great affect on corporate companies, consumers and the economy. Cases Of White Collar Corruption:
The Term Paper on Healthcare Fraud
On May 14, 2013 Attorney General Eric Holder and Department of Health and Human Services (HHS) Secretary Kathleen Sibelius announced “nationwide takedown” by Medicare Fraud Strike Force operations, in eight cities that resulted in charges against 89 individuals, which included doctors, nurses and other licensed medical professionals, for their alleged participation in Medicare fraud schemes ...
Ken Lay- Enron
Kenneth Lay born in Missouri 1942 was an American businessman. Lay was once one of the highest paid Ceo’s earning a $42 million compensation package in 1999. The corruption Lay committed was that he liquidated more than $300 million in Enron stock in stock options. Enron was an energy, commodities, and services company based in Houston, Texas. It was named “America’s Most innonative Company” by Fortune for 6 consecutive years.
Ken Lay, and a few others figured out that Enron was not making any money, so they decided to create outside companies. These outside companies would show how strong of a company Enron appeared to be. in 2000, Enron had stocks that went as high as $90. Enron encouraged their own employees to but more stock even though they were secretly taking theirs out. Enron would hide all of their losses so none of their employees would find out. Enron employees lost their retirement funds.
Kenneth Lay was the Chairman and Chief Executive officer for Enron. During Kenneth Lay’s trial he stated that Enron made up 90% of his own wealth. Lay was found guilty on all six counts of conspiracy and fraud. He was to be sentenced in October 2006. However, Lay died in Colorado on vacation in July 2006. Kenneth Lay ruined many lives and burden many of his employees with this fraud. As much as 20,000 employees were laid off and ordered a half an hour to clear there desks and leave! Effect of White Collar Corruption on Economy
The term—reportedly coined in 1939—is now synonymous with the full range of frauds committed by business and government professionals. It’s not a victimless corruption. A single scam can destroy a company, devastate families by wiping out their life savings, or cost investors billions of dollars. White collar corruption impacts the economy by increasing the cost of doing business and raising prices for the consumer. White collar corruption decreases the efficiency of doing business and has a negative impact on the bottom line of a company. In some extreme cases (Enron) white collar corruption can bankrupt companies and / or have a major impact on the stock market. When white collar corruptions are caught, new regulation can restrict business. When a company suffers from fraud from any source, it must make up for it by raising costs, which ultimately means higher prices for consumers. It can also mean less pay for employees and even cutting jobs. The effect can continue to ripple when it comes to those employees or investors who now find themselves unable to pay off loans, and credit becomes harder to obtain.
The Essay on Meetings Cheney Enron Energy Company
SENATE MAJORITY LEADER Tom Daschle called Cheney's stance "unfortunate." The American people have a right to know what the facts are," Daschle said on CBS's "Face the Nation." I think the administration needs to open up, to be willing to be forthcoming with all the information regarding these circumstances." At issue are meetings Cheney or members of his energy task force held with officials of ...
When stock fraud or insider trading scandals break out, like they did in the 1980s in the United States, it can cause investors to lose faith in the stock market. Scandals like Enron can also wipe out innocent employees’ retirement accounts. Numerous factors make white-collar corruption statistics hard to come by. Accurate statistics are difficult to gather because the corruption goes unreported and unpunished so often. Enron and other publicized scandals, it seems, are only the tip of the proverbial iceberg. There are no footprints, no DNA evidence, no eyewitnesses and no smoking gun. White collar criminals may leave only complex paper trails that take time and skill to sift through. Now, with the growth of technology and the rise of Internet, white collar computer corruption is more rampant, but also more difficult to solve. Local law enforcement teams often find themselves ill-equipped to track down the criminal.
The FBI has admitted that arrest rates for white-collar corruptions are significantly lower than that for other types of corruption. White collar corruption can cost billions of dollars, but because these losses are frequently spread out over so many unaware victims, it usually does not create the original impact as a store robbery that only cost a few hundred dollars. There are various types of white collar corruption that increased economic hardship for the average citizen and consumer. Such white collar corruptions increase the cost of doing business, which impacts consumer through increased prices and decreased services. According to the Federal Bureau of Investigation (FBI) these types of corruptions cost the United States more than 300 billion dollars annually. Combating White Collar Corruption:
The Term Paper on Police Misconduct And Corruption
For as long as policing has existed in America, there has been misconduct and corruption associated with any given policing agency. Police officer malfeasance can range from minor cases of misconduct to the downright criminal acts that are considered to be corruption. It is important to state here that not all police officers are guilty of misconduct and/or corruption, but like everything in our ...
Greed is one of the main reasons people commit white collar corruptions. Today there are many agencies and organizations trying to combat white collar corruption; such as the Federal Bureau of Investigation, National White Collar Corruption Center, The Department of Justice, the Federal Trade Commission, the Securities and Exchange Commission and others. They provide information for consumers on ongoing cases of white collar corruption and how to protect themselves from these types of corruptions. Most of these agencies also have contact information where white collar corruptions can be reported.
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