Stuff You Should Know SYSK Selects: How White-collar Crime Works
Sep 19, 2020
Explore the fascinating world of white-collar crime, where fraud reigns and CEOs are often the stars of the show. Discover how the glamor of heist films contrasts with the harsh realities of crime statistics. Delve into the ethical dilemmas and legal ramifications faced by corporate fraudsters, while uncovering the societal impacts on victims. Learn about the historical evolution of white-collar crime and the regulatory measures that have emerged to combat it. Plus, a touching segment highlights music's power in supporting cancer research.
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Bank Robbery Payoffs
- Economists studied U.K. bank robberies and found that the average haul is about £31,000.
- However, U.S. bank robberies yield an average of only $4,300, with a third yielding nothing.
Defining White-Collar Crime
- White-collar crime is broadly defined as nonviolent, deceitful acts committed through occupational opportunities.
- It often involves fraud, and the perpetrators' occupation plays a key role.
Common White-Collar Crimes
- Insider trading, securities fraud, antitrust violations, bribery, embezzlement, and money laundering are common types of white-collar crime.
- These crimes exploit occupational trust and often involve manipulating financial systems for personal gain.