Corporate Crime Key Terms
*corporate crime: any act committed by a corporation that is punished by the state, regardless whether it is punished under administrative, civil, or criminal law *corporate violence
* price fixing: industry leaders set inflated prices & competitors adjust their own prices accordingly *price gouging: when a seller prices items unreasonably high or unfair. *predatory pricing: the or acting of selling a product or service at a very low price, intending to drive competitors out of the market *robber barons: (Rockefeller, Carnegie) were involved in every manner of bribery, fraud, stock manipulation, price gouging, exploitation of labor, etc. *Sherman Antitrust Act: prohibits any agreement among competitors to:
-Engage in other anticompetitive activity
*Adulterated goods: when ingredients of a good are poisonous, filthy, putrid, otherwise unsanitary or contaminated * Paper entrepreneurs: investors who are principally concerned w/ short term profit *Fracking: the process of extracting natural gas.
*Misbranded goods: use of false or misleading information, labels, packaging, or containers *Love Canal: toxic waste case. schools and residents built around the area were exposed to fumes and chemicals. It was linked to more than 5000 deaths and Hooker was forced to pay 20 million to the residents. *Federal Food, Drug and Cosmetic Act: designed to protect the health & safety of the public by prohibiting the sale of dangerous goods
-Prohibits the adulteration or
misbranding of any food, drug, device, or cosmetic interstate commerce. * Ford Pinto: it had defects and automobile products that contributed to accidents and fatalities despite greater attention to safety features. *Johns-Manville case: he was guilty of selling materials that contained asbestosis and fraud and conspiracy. *Anti-kickback Act: prohibits the offer, solicitation, payment, or receipt of anything which is intended to induce the ordering or prescribing of an item that falls under a federal healthcare *Horizontal price-fixing: agreements among sellers to establish maximum or minimum prices *Vertical price-fixing: a wholesaler sets price at which retailers may sell certain products *Chargebacks: are deductions stores take to reduce their payments to suppliers b/c of defective or unwanted merchandise *Price Bullying: refusing to pay a manufacturer a fair price for goods even when cost of production increases *Trademark Infringement: "passing off"; the maker of a product uses a name, logo, or other identifying the characteristics to deceive consumers into thinking that they are buying a product of a competitor *Corner Goods: those products that a customer knows the going price for and are likely to shop for the best deal *Four Loko Case: FDA determined that caffeine as used in Four Loko was an unsafe additive, therefore the product is considered adulterated Corporate Crime Key Points
• The role of the corporation in modern society: the pursuit is the principal rationale for the corporation • The various forms of corporate violence that are directed at the public, consumers, and Workers and how it differs from conventional violence
• The various forms of abuse of power, fraud, and economic exploitation that are directed at citizens and taxpayers, consumers, employees
Occupational Crime Key Terms
*Caveat Emptor: let the buyers beware; has traditionally regulated the relationship between buyers & sellers *Unbundling: billing for higher procedure codes than performed *Conflicts of Interest: professional role conflicts w/ own private interests as an individual *Embezzlement: act of dishonestly withholding assets for the purpose of theft of such assets by one or more individuals. *Employee Crime
*Fraud: intentional deception for personal gain or to damage another individual. *Company Property: refers to mainly basic, bulky, components, & tools *Personal Property: monogrammed...
Please join StudyMode to read the full document