History lesson. "There's nothing new under the sun."
Our answer confirms Edwin Sutherland’s intuition while providing the necessary precision on what makes a subset of elite financial frauds vastly more destructive than all other property crimes (of the streets and suites) – combined. Sutherland stressed the white-collar criminal’s high status as the key that made it difficult to prosecute him. We believe that the key is power, not status. The persons who control a seemingly legitimate entity (private, non-profit, or governmental) can cause unique damage if they engage in fraud because the CEO can direct the corporation and cause it to make the firm’s internal and external environment vastly more criminogenic. Status is important, but more as a goal. CEOs (and their spouses) yearn not simply for wealth but also for high social status, and wealth and high position can buy high status. This quest for status can become pathological when, as is exceptionally common, the CEO is a narcissist. The CEO’s high social status is a protection against sanction as Sutherland believed, but the CEO’s power is a far greater protection.
New Economic Perspectives
Edwin Sutherland: The 75th Anniversary of His Coining The Term White-Collar Crime
Edwin Sutherland: The 75th Anniversary of His Coining The Term White-Collar Crime
William K. Black | Associate Professor of Economics and Law, UMKC
1 comment:
1. They control wall street and main street by shadow derivative banking while using the same to capture the USD dollar thereby obfuscating sovereignty and access by the states and the people.
The Republicans and the Tea folks are purposely using backdoor MMT to drain liquidity to balance deficits to revoke welfare in their attempt to subvert the President of the United States on practically rascist terms solely.
Where is Colin Powell?
Condi Rice?
Shut down government ... then blame Obama.
Restrict spending and blame Obama.
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