corporate crime group members: lauren raulerson katy bailey
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Corporate CrimeCorporate Crime
Group Members:Group Members:
Lauren RaulersonLauren Raulerson
Katy BaileyKaty Bailey
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What is Corporate What is Corporate Crime?Crime?
Corporate crimeCorporate crime refers to criminal practices refers to criminal practices by individuals that have the legal authority to by individuals that have the legal authority to speak for a corporation or company. These speak for a corporation or company. These can include presidents, CEOs, managers, can include presidents, CEOs, managers, directors and chairmen, sales people, agents, directors and chairmen, sales people, agents, or anyone within a company that has or anyone within a company that has authority to act on behalf of the firm. authority to act on behalf of the firm. Examples of criminal behaviour in most Examples of criminal behaviour in most jurisdictions include: fraud, damage to the jurisdictions include: fraud, damage to the environment in violation of environmental environment in violation of environmental legislation, exploitation of labor in violation of legislation, exploitation of labor in violation of labor laws, and failure to maintain a fiduciary labor laws, and failure to maintain a fiduciary responsibility towards shareholders.responsibility towards shareholders.
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Corporate Crime CausesCorporate Crime Causes
Bottom line mentality (make money)Bottom line mentality (make money) GreedGreed PowerPower Decline in EthicsDecline in Ethics Lack of regulation / prosecutionLack of regulation / prosecution Lack of oversightLack of oversight
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Corporate Crime is White Corporate Crime is White CollarCollar
The defining characteristics of white collar The defining characteristics of white collar crimes must include the following two crimes must include the following two items.items.
1.1. The persons involved must be of a The persons involved must be of a respectable and high social status respectable and high social status attained in the course of the attained in the course of the occupation. (CEO, doctor, lawyer).occupation. (CEO, doctor, lawyer).
2.2. The occupational mechanism by which The occupational mechanism by which the crime was committed must be the crime was committed must be business related.business related.
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Examples of Corporate Examples of Corporate CrimeCrime
EnvironmentalEnvironmental FraudFraud False StatementsFalse Statements Anti-trustAnti-trust Campaign FinanceCampaign Finance Food and DrugFood and Drug Financial CrimesFinancial Crimes Tax EvasionTax Evasion Public Corruption Public Corruption
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Key Players in Corporate Key Players in Corporate CrimeCrime
CorporationsCorporations GovernmentGovernment
Victims of Corporate CrimeVictims of Corporate Crime
→ → EmployeesEmployees
→ → ConsumersConsumers
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LegislationLegislation
Americans perceive that Corporate Americans perceive that Corporate Crime is trying to be regulated Crime is trying to be regulated with legislation. The problem is with legislation. The problem is that the people who make law that the people who make law (bills) are also the same people (bills) are also the same people who have to endure constant who have to endure constant lobbying by corporations who lobbying by corporations who possess endless resources.possess endless resources.
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Problems with Current Problems with Current RegulationRegulation
PervasivenessPervasivenessNames like Enron, Exxon, General Electric, Hyundai, IBM, Names like Enron, Exxon, General Electric, Hyundai, IBM, Mitsubishi, Tyson Foods top the list of this decades leading Mitsubishi, Tyson Foods top the list of this decades leading corporate criminals.corporate criminals.
Non -”Technical” ViolationsNon -”Technical” ViolationsCriminal prosecution only happens when intentional or Criminal prosecution only happens when intentional or reckless acts become noticed. Many of the top 100 reckless acts become noticed. Many of the top 100 companies premeditate, plan and consciously design companies premeditate, plan and consciously design criminal acts.criminal acts.
Insufficient PenaltiesInsufficient PenaltiesFines, even in the millions, do not stop corporate crime from Fines, even in the millions, do not stop corporate crime from paying.paying.
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Consequences of Corporate Consequences of Corporate CrimeCrime
Loss of Social MoralLoss of Social Moral Loss of EthicsLoss of Ethics Shift to MonopolizationShift to Monopolization Economic Disparity between Economic Disparity between
Employee / ManagementEmployee / Management
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Prevention of Corporate Prevention of Corporate CrimeCrime
Education of the PublicEducation of the Public Ethics TrainingEthics Training Legal ReformLegal Reform
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Popularized Media Popularized Media ExamplesExamples
EnronEnronAll employees lost 90% of retirement and Enron is the All employees lost 90% of retirement and Enron is the largest United States Corporation bankruptcy of all largest United States Corporation bankruptcy of all time.time.
Martha StewartMartha StewartTo save 44,000 dollars in stock in a company that was To save 44,000 dollars in stock in a company that was about to sink, she sold that stuck without the public about to sink, she sold that stuck without the public knowing the same thing.knowing the same thing.
WorldComWorldComLied about 3.9 Billion dollars of ordinary expenses as Lied about 3.9 Billion dollars of ordinary expenses as capital expenditures. Stock plummeted to 20 cents capital expenditures. Stock plummeted to 20 cents and executives left with over 104 million in bonuses and executives left with over 104 million in bonuses as they ran out the door.as they ran out the door.
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Examples not on the Examples not on the news. news.
Exxon – 125 Million dollar environmental fine.Exxon – 125 Million dollar environmental fine. Sears – 60 Million dollar fraud fine.Sears – 60 Million dollar fraud fine. Eastman Chemical (Kodak) – 11 Million dollar antitrust Eastman Chemical (Kodak) – 11 Million dollar antitrust
fine.fine. Copley Pharmaceutical – 10.65 Million dollar food / drug Copley Pharmaceutical – 10.65 Million dollar food / drug
fine.fine. Royal Caribbean Cruises – 9 Million dollar environmental Royal Caribbean Cruises – 9 Million dollar environmental
fine.fine. Empire Sanitary Landfill – 8 Million dollar campaign fine.Empire Sanitary Landfill – 8 Million dollar campaign fine. Chevron – 6.5 Million dollar environmental fine.Chevron – 6.5 Million dollar environmental fine. Blue Cross Blue Shield of Illinois – 4 Million dollar fraud Blue Cross Blue Shield of Illinois – 4 Million dollar fraud
fine.fine. Tyson Foods – 4 Million dollar public corruption fine.Tyson Foods – 4 Million dollar public corruption fine.
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The EndThe End
Corporate Crime Corporate Crime
Lauren RaulersonLauren RaulersonKaty BaileyKaty Bailey