How White Collar Corruption Effects Economy

Topics: Fraud, Enron, Federal Bureau of Investigation Pages: 3 (1048 words) Published: February 12, 2013
How White Collar Corruption Effects Economy

White Collar:
The term white-collar worker refers to a person who performs professional, managerial, or administrative work, in contrast with a blue-collar worker, whose job requires manual labor. Typically white collar work is performed in an office or cubicle.The term refers to the white dress shirts of male office workers common through most of the nineteenth and twentieth century in Western countries. What is white collar corruption?

White Collar Corruption is a term that was defined by Edwin Southerland, Sociologist of criminology. The term is identifying those illegal non-violent activities that involve traditional notions of deceit, deception, concealment, manipulation, breach of trust or illegal circumvention. These corruptions have been known to be committed by business professional and government agents. Today it is known that white collar corruption can be committed by anyone, from many different backgrounds; whether it is race, gender, education or social status. White collar corruption include: anti-trust law violations, bankruptcy fraud, bribery/kickbacks, computer/internet fraud, counterfeiting, credit card fraud, embezzlement, environmental law violations, financial corruptions, government fraud, health care fraud, identity theft, insider trading, insurance fraud, mail fraud, money laundering, public corruption, qui tam, securities exchange, tax evasion, telemarketing fraud and trade secret theft. Though these corruptions are non-violent they have a great affect on corporate companies, consumers and the economy.  Cases Of White Collar Corruption:

Ken Lay- Enron
Kenneth Lay born in Missouri 1942 was an American businessman. Lay was once one of the highest paid Ceo's earning a $42 million compensation package in 1999. The corruption Lay committed was that he liquidated more than $300 million in Enron stock in stock options. Enron was an energy, commodities, and services company based in Houston,...
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