Pitchfork Economics with Nick Hanauer

The Gilded Age of White Collar Crime (with Michael Hobbes)

Feb 11, 2025

In this engaging discussion, journalist Michael Hobbes highlights the alarming rise of white-collar crime and the concept of 'elite deviance.' He reveals how wealthy individuals often evade consequences for crimes that cause significant social harm, illustrating a stark contrast in accountability compared to minor offenders. Hobbes delves into the erosion of regulatory frameworks and the illusion of accountability, critiquing the current legal systems that favor the powerful. He advocates for better funding of agencies to tackle these disparities and achieve true justice.

34:46

Episode guests

Michael Hobbs

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The podcast highlights the staggering prevalence of white-collar crime among the wealthy, exemplified by the minimal consequences faced post-2008 financial crisis.

It underscores the critical need for adequately funded regulatory agencies to effectively investigate and prosecute elite deviance, enhancing accountability among affluent offenders.

Deep dives

The Rise of White-Collar Crime

The discussion centers on the alarming prevalence of white-collar crime, described as a 'golden age of impunity' for the wealthy. This era is characterized by a significant decrease in prosecutions for elite criminal activity, with only one Wall Street banker imprisoned following the financial crisis of 2008. Statistics reveal that one year of white-collar crime inflicts social harm equivalent to two decades of street crime, underscoring the vast economic damage caused by elites. The episode emphasizes that tax evasion alone siphons off far more money from the economy than all bank robberies combined, highlighting the scale of financial misconduct among the rich.

Intro

3min

The Golden Age of Impunity

7min

A Gathering of Cops and Robbers: Insights from the Offshore Alert Conference

4min

The Illusion of Accountability in White-Collar Crime

17min

The PR Strategy Behind High-Profile White Collar Prosecutions

2min

Addressing Elite Impunity through Expert Insight

2min

Only a few weeks into his second term, Donald Trump and his billionaire buddies are doing their best to dismantle the federal government's regulatory agencies. So today, we're revisiting a compelling conversation we had in 2020 with journalist and podcast host Michael Hobbes about a piece he wrote in HuffPost titled "The Golden Age of White-Collar Crime." Initially reported against the backdrop of Trump’s first presidency and its alarming erosion of regulatory oversight, Hobbes breaks down the staggering prevalence of elite deviance—where the wealthy evade accountability for crimes that cause immense social harm—and also offers insight into why white-collar crime often goes unchecked. It’s a timely reminder of the consequences of allowing the ultra-wealthy to operate above the law.

This episode originally aired on March 10, 2020.

Michael Hobbes is a journalist, podcaster, and former senior reporter for HuffPost, known for his in-depth investigations into social issues, economics, and media narratives. He is the co-host of If Books Could Kill and Maintenance Phase, and previously co-hosted You're Wrong About, where he debunked cultural myths and misconceptions. Hobbes has also contributed to outlets like The New Republic, Pacific Standard and Slate covering topics ranging from housing policy to moral panics.

Social Media:

@michaelhobbes.bsky.social