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Street Crime and White Collar Crime: A Comparison of Harm. essay

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White Collar Crime vs. Street Crime One problem that plagues our society is crime. Crime is all around us in our everyday lives. Daily we hear of murders, robberies, and rapes. These are categorized as "street crimes." For many people, such crimes are the only "tragic" crimes, the ones that are senseless and preventable. In Finsterbusch's book, Taking Sides, another variety of crime is exposed. This other form of crime is "white collar" crime. Both have victims, and the effects of both

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simple street crime, others homicide, yet many crimes that occur behind close door have business fraud or corporate negligence that can have more devastating results from their actions upon a community, a corporation, even stock holders nationwide. Some steal pennies, while others out right take everything. Corporate fraud, a white collar crime has been legally dissected and evaluated for years. The use of corporate guidelines and government regulations has always been embedded into corporate legalities…

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...Is White Collar Crime an Inside Job?Simply put, the point that Charles Ferguson is trying to get across in his documentary, The Inside Job is that economics is exactly that, it’s an inside job; with many elite employees involved. Economics is a profession, and at the end of the day, it all comes down to power, and the money being brought home by those at the top. Throughout the documentary Ferguson does an excellent job revealing the not so behind the scenes action, that many just don’t pick up on, due to the fact that companies police themselves. The documentary explains how it effects everyone, even those that are not directly involved or related. Those who are responsible for the financial meltdown in 2008, and the housing bubble are revealed, and an explanation is given as to why they are still in charge of the companies whose actions affected millions of people not only in The United States, but all over the world. Several different types of white collar crimes were committed leading up to the financial crisis, and several different companies were engaging in the large scale criminal activity. Financial deregulation is one of the main topics discussed in the documentary, and how financial institutions were given more freedom; thus making more risky investments with their depositors money, and seeing no consequences when these investments fell through. The documentary brings...

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There is another change in the social organization of work and the economy that has increased opportunities for white-collar crime—the rise in trust relationships involving agents and principals. A trust relationship is one in which someone (called the principal) depends on someone else (called the agent) to manage assets or provide specialized services. For example, contributors to a pension fund are in a trust relationship with the pension fund managers, in that the contributors have to trust that the managers will manage the fund’s assets in a financially prudent manner. Similarly, someone who goes to a doctor is in a trust relationship with the doctor in that the person has to trust that the doctor will treat him or her according to what is in the person’s best medical interests. In the modern world, people increasingly find themselves in trust relationships in which they have to depend on others to do things for them that they cannot do for themselves. Trust relationships raise two main problems for the people who must rely on them. First, it is often difficult for principals to monitor and evaluate agents because of the complexity or hidden nature of the services that agents provide. In effect, principals often do not know whether agents really are doing the right thing for them. Second, agents have their own financial interests that may conflict with those of the principals whom they are supposed to be serving. Taken together, these two features of trust relationships mean that agents often have the motivation and means to take advantage of others.

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Hence, it is possible to conclude that both street crime and white-collar crime have major consequences. Firstly, white-collar offences are understood ‘as equally serious as street crimes’ (Payne, 2012, p. 53) that have almost the same characteristics. However, their punishments are strongly different in many ways. By its nature, white-collar crime is a lot harder to detect because it takes many hours in order to build a case around it and they usually do not involve serious bodily harms or people’s deaths. In addition, they are ‘…difficult to prosecute because the perpetrators have access to sophisticated means to hide their activities and the wrongdoing can be hidden within legitimate economic activity’ (Berkeley, 2009, p. 201). Hence, they are referred to non-violent crimes motivated mainly by financial gain. If we are talking about the priorities, it is necessary to say that the law enforcements agencies are required to focus their particular attention on the violent crimes then, for instance, the property ones. The perfect examples of more violent crimes are street crimes that are understood as more visible. In this case, there are always the victims who have been seriously damaged or wounded. Hence, these crimes are given higher priority to prevent the offenders from committing the same crime again and again. As a result, the need to resolve street crimes and find the perpetrators is of great importance for law enforcement agencies.

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This individual fear can lead to indirect victimization, that on society as a whole. This is evident in a neighborhoods loss of economic development and criminal deviants become the role model for the younger members of society due to their appearance as a figure of wealth and power. These street crimes lead to the downward spiral of society economically and morally. Another aspect of how street crime ruins society is that the act is usually committed within the society itself. Most street crimes are committed by deviants to the members of their own neighborhoods. This is due to the closeness of their potential victims. This is why neighborhoods which characteristically generate the cause of deviant behavior, generally have a higher rate of crime occurring within them. While all crimes are a wrong committed against society, some do more damage to society then others. Street crimes are perhaps the most harmful to society, caused by the deviant criminal behavior on ones own neighborhood, this causes its destruction. Street crime has caused the legal economical, educational and moral declines in many neighborhoods. Violent street crime is not only a wrong against an individual of society but an act in the crumbling of society itself.

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...& Goldberg, 2009)There was evidence of an increase in company theft during the economic downturns of 1987, 1991, and 2001. For example just after the savings and loans crisis in the 1990s arrests shot up by 52% and during the recession in the early 2000s criminal activity increased by 25%From this we can conclude that there is definitely a correlation between a recession and a rise in embezzlement. Impacts of embezzlementAccording to David O’ Friedrichs, a criminal justice professor at University of Scranton stated “white-collar crimes have further, reaching, deeper and more lasting impact than street crime.” Thefts by employees are of the most costly problems facing new and existing businesses. Experts have shown company theft has the potential to reach 240$ billion dollars which includes intellectual property stolen during that year. It isn’t a surprise that the cost of embezzlement is two to three times than that of street crimes. Also 30-50% of all businesses affected by embezzlement fail. Other potential effects include increase in taxes, lost investments, and increase in unemployment.Guarantee Building & Loan AssociationOn December 9th, 1930 Gilbert, the founder of Guarantee Building & Loan Association was found to have embezzled an estimated $8,000,000 which in today’s amount would be $100,000,000. Many local businesses and individuals were crushed by his...

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White Collar Crime vs. Street Crime One problem that plagues our society is crime. Crime is all around us in our everyday lives. Daily we hear of murders, robberies, and rapes. These are categorized as "street crimes." For many people, such crimes are the only "tragic" crimes, the ones that are senseless and preventable. In Finsterbusch's book, Taking Sides, another variety of crime is exposed. This other form of crime is "white collar" crime. Both have victims, and the effects of both

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Moreover, the increase in the business transactions combined with the lack of legal control, effective internal control mechanism and adequate risk management strategies has forced the legislators to pass certain laws in India like Essential Commodities Act, 1955, Industrial (Development and Regulation) Act, 1957, Import and Export (Control) Act, 1947, Companies Act, 1956, Foreign Exchange (Regulation) Act, 1973, Central Excises and Salt Act, 1944, Prevention of Corruption Act, 1947, Income-tax Act, 1961, Customs Act, 1962, The Conservation of Foreign Exchange and Prevention of Smuggling Activities and Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.