White-Collar Crime Vs White Collar Crimes

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Recommended: Essays on white collar crime

The term white-collar crime refers to “unethical business practices committed by people in the course of their work lives” (Manza). Although people tend to consider street crimes more dangerous than white-collar crimes, the last one could have more negative consequences and harm more people in a society than the first one. White-collar crimes can be practiced in many different ways, such as stealing money to the employer, or corporate leaders making decisions to seek profits and causing injury or harm to innocent people. The fraudulent acts of Enron and the 2008 financial crisis violated federal and state laws. However, the criminal justice system did not give fair punishment to the responsible ones, because they got modest prison sentences,

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    White-collar crimes and organizational structure are related because white collar-crimes thrive in organizations that have weak structures. According to Price and Norris (2009), the elites who commit white collar-crimes usually exploit weaknesses in organizational structure and formulate rules and regulations that favor their crimes. Makansi (2010) examines case studies to prove that white-collar crime is dependent on organizational structure. For example, the financial crisis that Merchant Energy Business faced in 2001-2002 occurred due to the liberal Financial Accounting Board, which failed to provide a standard model of valuing natural gas and fuel. Moreover, a financial crisis that rocked the securitization market in 2008 was due to fraudulence in the pricing of securitization products. These examples ...

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