White Collar Crime

Is neat Collar Crime an inner contemplate? merely put, the point that Charles Ferguson is trying to get across in his documentary, The Inside Job is that economics is ex workly that, its an inside job with umteen elect(ip) employees abstruse. Economics is a profession, and at the end of the day, it either comes down to force play, and the bills being brought home by those at the top. Through verboten the documentary Ferguson does an slight job revealing the non so behind the scenes action, that many a(prenominal) honest wear downt pick up on, due to the fact that companies natural law themselves.The documentary explains how it effects everyone, change surface those that ar not directly involved or related. Those who be responsible for the monetary meltdown in 2008, and the trapping bubble are revealed, and an explanation is given as to why they are still in charge of the companies whose actions affected millions of stack not besides in The United States, alone all everyplace the world. Several some(prenominal)(predicate) types of face c litterh receive villainys were renderted leading up to the financial crisis, and several(prenominal) incompatible companies were engaging in the boastfully scale criminal activity.Financial deregulation is one of the master(prenominal) topics discussed in the documentary, and how financial institutions were given more license thus making more risky investments with their depositors currency, and perceive no consequences when these investments neglect through. The documentary brings forward many thoughts slightly the types of light compass crime enthroneted and how those that are guilty got away with it, how the victims were affected by the passing(prenominal) actions of the companies, as well(p) as the reasons and motivation behind the crimes. The documentary stresses that this crisis was no accident, and that it was all caused by an out of control industry.Each crises causes more and more financial damage, while industries continue to make millions. While the documentary doesnt in one case mention the term duster peck crime, it doesnt take disperses to realize that this was exactly what went on. Not only have the vast mass of responsible s muchies not been convicted of any crime they havent even been charged (Andrew Leonard, 2012), the employees that destroyed their own companies, and caused crisis all all over the world, walked away with all their cash, and go away millions of people without their savings.Defining White Collar Crime Defined by Edwin Sutherland(1949), white collar crime is a crime committed by a person of respectability and high social status in the course of his occupation. Countless types of white collar crime exist, many people not even being aware of them . It is strongly believed that white collar crime was the cause of the spheric financial crisis of 2008, which consisted mainly of mortgage, insurance, and shelter fraud. Marsha ll Clinard and Richard Quinney (1973) delimitate two types of white collar crime occupational, and bodily.They defined occupational crime as being committed by individuals over the course of their occupation, mainly for personal gain, whereas corporate crime is committed by the corporations as a whole, the crime is planned and committed for the corporations financial gain. In The Inside Job, several types of white collar crime were committed, such as laundering, cooking books, and defrauding customers money. Even though those who commit white collar crime are labeled as criminals, they a great deal dont fall under the typical stereotype that bridle-path criminals hold.Reducing the descend of white collar crime is something that is very important and there needfully to be more attention toward it. The media definitely needs to focus more on white collar crime, as most news ordinarily revolves around bridle-path crime, rather than revealing the crimes being committed by large corporations. A stronger punishment is needed to reduce white collar crime. Often, those who commit white collar crimes get off without jail, because they have the money to compensation millions of dollars in fines. Increasing these fines drastically would not allow them to pay for their punishment. Victimization of White Collar CrimeVictimization of white collar crime is not something that is often heard of in the media. Its not uncommon to fun on the news and see countless stories of the victims of murder and robbery, and well as drug related driveway crimes. But what about the victims of the crime thats vastly underreported, and even more undetected? volume who commit roadway crime are seen as more dangerous, and often receive a harsh punishment, because they generally have less money,therefore less power. One of the many reasons for the underreported incidences of white collar crime, is simply because there is less to show for it.It is estimated by the Canadian Securities Administration, that nearly 5% of adult Canadians have lost money to some type of investment fraud. White collar crime is often seen as less damaging than street crime, but in reality, victims of white collar crime do suffer from tremendous damages. Aside from the lucid financial loss, they are cognise to have struggles with psychological, emotional, and physical health (Kempa 2009). numerous things can happen after people are affected by white collar crimes, such as possibly triggering them to commit street crimes, such as theft, in order to support their family after losing money.A closing relationship is often built between the perpetrator and the victim, giving them the genius of trust, thus having them believe that no type of fraud could happen to them. As seen in the documentary, not just those directly involved are affected. When the surround Street Stock Market crashed in 2008, other countries were also nonrecreational the price. Tens of millions of people were affecte d either directly or indirectly from the global economic crisis. With the sudden drop of employment in America, budgets of those families also decreased drastically, thus buying less in order to save money.This cutback caused several large companies in China to cease their production causing over 10 million to lose their job. As heard in The Inside Job, Dominique Strauss-Kahn states that at the end of the day, the poorest, as always, pay the most. As mentioned earlier, the employees of the large corporations committing the crimes go home with their hundreds of thousands of dollars, and those affected in poorer countries, are left with nothing. People with money have power, power that can often get them out of situations that many others are not be able to. Self-Control system and White Collar CrimeThe self-control theory argues that all crime stems from the enigma of low self control. (Hirschi & Gottfredson, 1987). This low self control causes people to act impulsively and sponta neously, value risk and adventure, and care more about themselves than they do others. As stated in The Inside Job, Jonathan Alpert, therapist to many groyne Street exclusives, says that theyre risk takers, and impulsive. Its part of their behaviour, its part of their personality theres just a blatant disregard for the impact that their actions readiness have on society, on family.Many of those that commit white collar crimes are often seen as having the need to control, being charismatic and narcissistic, as well as having a fear of losing their power and their position. Greed is often a primary motivator for white collar criminals. As heard in The Inside Job, the bankers showered money on themselves, each other, and their friends, they lived a wealthy and gold life living in penthouse suites on Park Avenue, owning numerous spend homes in the Hamptons, flying around the world in private jets.Living such a wealthy and elite lifestyle, its quite typical for the guys to go out, to go to strip bars, to use drugs. I see a lot of cocaine use, a lot of use of prostitution A lot of people feel that they need to really participate in that conduct to make it, to get promoted, to get recognized. (Alpert, 2010). Its quite clear that the main motivation behind many of those involved in committing white collar crimes, usually comes down to the power they hold, and most importantly, the money in their pockets. White Collar vs. Street CrimeThose who commit street crime are often given a harsher punishment and a more negative composition than those who commit white collar crimes. In reality, the two types of criminals are not that different, even though their methods of crime are unalike. Should there be different punishment or sentences for those who commit fraud or embezzlement, compared to those who distribute abominable drugs? People with a higher status and more money and power often tend to get a lighter sentence, as twain the money and power can often get them out of situations, but this isnt fair.White collar crimes generally effect people more than street crime. As seen in The Inside Job, the crimes committed by a some large corporations, caused millions of people to lose copious amounts of money, as well as their jobs. A main distinction that can often separate those who commit white collar crime, and those who commit street crime, is their level of education. Many people seen in The Inside Job were those who had graduated, or even worked at view universities. They were often well educated in economics and business, so they knew every last detail of what they were working with.White collar criminals are often known have a desire for control, causing them to engage in corporate crime, hoping to gain power. The financial crisis of 2008 that affected millions of people, causing tremendous losses of both(prenominal) jobs and money, is something that will be around to haunt people for years. Their victims are left to suffer, while the em ployees of the large corporations walk away with all their money. The people who commit such white collar crimes are selfish, and only care about their own power and money.Even years after the crisis, news is still drifting around, and people are still questioning why the corporations and their employees arent seeing punishment. The criminals that commit these large scale crimes, are being treated differently than those that commit street crimes, they get away with no punishment, and continue working, in time committing the same crimes over again. Reference List Barkan, S. E. Criminology a sociological understanding. (5th ed. ). Pearson. Croall , H. (2001). Understanding white collar crime. Buckingham, England McGraw Hill. Ferguson, C. (Director) (2010). The inside job DVD. Kempa, M. (2009).Combating white collar crime in canada Serving victim needs and market integrity. (University of Ottawa). Leonard, A. (2012, whitethorn 18). Corporate criminals gone wild. Retrieved from http// www. salon. com/2012/05/18/corporate_criminals_gone_wild/ Morgenson, G. & Story, L. ,(2011, July 7). As wall st. polices itself, prosecutors use softer approach. tonic York Times. Retrieved from http//www. nytimes. com/2011/07/08/business/in-shift-federal-prosecutors-are-lenient-as-companies-break-the-law. html? _r=2=1=wisenberg=cse& Watt, R. (2012). University students propensity towards white-collar versus street crime. (University of Guelph).