White Collar And Corporate Crime Essay

White Collar And Corporate Crime Essay-3
Consequently, it is not easy to monitor each of every financial transaction that is conducted by a multinational company.

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Generally, organized crime involve “the illegal activities carried out by structured groups of three or more persons existing for a prolonged period of time and having the aim of committing serious crimes through concerted action by using intimidation, violence, corruption or other means in order to obtain, directly or indirectly, a financial or other material benefit” (Council of Europe, 2002, p. The purpose of organized crime is to exploit illegal markets for monetary gains at the expense of society.

In this regard, organized crime is similar to corporate crime in that no specific individuals are singled out as victims.

The common consensus is that Organized crime functions as a continuing enterprise that rationally works to make a profit through illicit activities, and that it insures its existence through the use of threats or force and through corruption of public officials to maintain a degree of immunity from law enforcement, and more often than not, specialize in profitable yet illegal goods (Albanese, 2000, p. The functioning of organized crime differs from corporate crime in the secretive manner in which they carry out their activities.

While corporations are usually legitimate and publicly known businesses engaging in legal activities, organized crime, on the other hand, include secret groups whose members remain strive to remain anonymous.

In the world’s big economies where mega-scandals thrive, such as in the U.

S., “Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs” (Sachs, 2011, p. It is corporate crime involving insider trading and manipulation of financial records that is presently shaking Wall Street, beginning with ENRON’s concealing of a staggering billion debt in 2001.

Organized crime aims to establish a monopoly and market control of a given industry or territory.

Thus, rivalry and competition may emerge between different mobs fighting for territorial or industry control.

For instance, a gang may intend to control the drug market, or a given town.

On its part, corporate crime almost always involve “inside job,” in which employees or investors make decisions or take actions that influence the stock value in desired ways.

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