White Collar Crime Study Guide
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: -Fix prices -Rig bids -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
*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: -Fix prices -Rig bids -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