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How White-collar Crime Works

2012-07-24 | 🔗

White-collar crime often involves fraud and other nonviolent acts. For most people, the term "white-collar crime" conjures up images of CEOs conniving their way to fortune. But what is it, really? Listen in as Josh and Chuck break down the facts.

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I've got an inch or two day, arson and MRS stop criticising me. I mean I'm so very recently, a trio of Brits economists, british economists like walking sultans that very exciting. But anyway, these guys did something pretty cool. They studied bank robberies and their study was published in a journal. Called significance is actually kind of cool journal. It takes detesting applies it a real world stocks. So it's an interesting statistics journal such a thing in if there is this, is it and what these guys found was that bank robbery is actually a really terrible way to make a living. Yes, I would agree with that. Morally, I can weekly. It's a terrible way to make a living to usher. They re offers no good right. Yes, they looked at. They lifted a lot of variables like the number of people involved. They found it
for the king, the more the bigger the hall. I guess it also meant this one extra mouth to divided up amongst unless you're like one of those bank robbers that just killed everybody, afterward yeah. You want again very fond of those guys. I've been athletic lycaena heat when there's a lot of killing. Afterward and heat in that the town been Afflux. A recent heist movie near you like killing on. I was gonna, let their own work by, but you'd brought it up twice. I enjoyed a really good Ok, so anyway, I'm there's a lot of variables involved, but what they found him What in the? U k you can make off with about thirty one gram: that's not bad per yes in, on average! That's what that's! What the takeover said so in the UK is not so bad. But at the same time thirty one green. What are you gonna do with that? You I mean if you wanna live highlighted, got around like four by banks a year, easy right or right, ok or
If you're in the? U S, you have robbed a lot more than that, so the UK suffers about a hundred six bank robbers a year in the? U S, there's twelve thousand and others. Two thousand the average take is like four grand. They only have how many England, honoured six. That's amazing, really stiff death, gun laws and I think that Polly deteriorate gravity kiss. You can have a gun or a note in your pocket, says something. While these guys figured out the presence of a firearm increased your take. Ok, but are you? I saw a forty three hundred bucks yes much now and about a third of bank robberies. I guess in both countries yield, nothing, zero, zero. So it's a lot of hard work, a lot of risk for very little. You gain the real money is in white collar crime. Oh yes, you wanna make some cash.
Wick, maybe one good heist- yeah, it's gonna, such for the rest of your life and even if you're caught even if you're caught sir, you will have a mild if any penalty levied against you were white collar is the way to go. We're talking guys who, help people that they are financial investors and get friend in family in the parents of the little league that they coach to give them nine hundred Grand there's other guys who have little penny stock companies here that pump up their stock prospects called stock touting here and dumb dump all their shares. Her that's investor fraud. They make hundreds of thousands, if not millions, of dollars. It's where the real money is an historically speaking,
it has really low risk. Even if you're caught all right, so endorsing white collar crime, we're not endorsing it, I was being facetious. Ok, I thought you met up with white collar crime and twenty twelve, Oh no, as a matter of fact is going down, the times are definitely changing. There's a big struggle going on right now is figuring out the just the right amount of punishment, yet with white collar crime, because there's a lot of factors involved. It's a lot different from blue collar crime, e g, stealing a car robbing a bank is a lot of differences that differentiate separate. The two I am one of those now is the the sentencing form is probably stiffer, which is a total reversal for how it used to be before, and they also close a lot at the club beds down that got so much
yes! Well, they changed them, they're still where they are, while lotta more shut down like period are really yeah, just a ship him to real federal penitentiary, penitent cherries penitentiary than it into certain truths. That reminded me of a word that will definitely be hearing at some point in the spine guessed what its apparently oh yeah, gazettes deafening white collar apart the prom with white collar crime Josh, as you know, for meeting this, is that it's hard to come up with an exact definition of what constitutes it. So that's why they have a hard time getting great statistics on punishment in fines levied in how many there kitchen, but I'm gonna, go with non violent crime yeah they typically involve
and you have sittings atypical, because this kind of all over the map typically involves deceit and fraud given by perpetrator because of their opt occupation yeah, and for that reason a lot of times is call occupational crime. Yet, and if you look at it to that view, which is a very broad view of white collar crime, I'm just the exact in their three thousand dollar suit. You who are perpetrating this, it's the guy who stealing pencils from work yeah or on violent. The seafloor, especially some asked him if he didn't. He says now here and it's because you are your ear granted this opportunity through your occupation, Excel colored, petty theft,
its it. But I'm saying like a very, very broad definition of what our crime that they definitely count. But for the most part, when you think of white collar, you think about c o. You think about investor fraud, embezzlement that kind of stuff exactly featherbed after the United States in earnest, since nineteen, seventy four. As far as if a dedicated division yeah, yeah! That's because a Nixon I read, and then, despite that about three hundred billion dollars a year and that's a pretty rough estimate of the two dozen testament to doesn't in so. Let's talk about a few ways. You can commit white collar crime yet because the definition you gave us like beautiful, it's pretty good and there are some just like I said: investment fraud or embezzlement urges prototypical wash your collar crime. Insider trading is one that's a big one which falls under securities fraud right yeah, I mean it's a type of securities fraud,
basically insider trading. We I swear, we ve done something on this. I don't think so. We must have been in our fanny, Freddy presentation. Then yeah. Maybe we studied a lot of stuff. They re yeah and I thought we'd dunna Pakistan, I guess not, but insider trading is essentially like. Let's say that you and I find out the discovery and an awesome quarter. And so we go and buy a bunch of discovery stock for nothing and then it just shoot through the roof. After the stuck preschool, that's insider trading, sure that's using private knowledge about a publicly traded. Come for your own game. That's an owner we already voted at is to other people that account as well and then. By the end of March, Stuart yeah that they took part than they would be insider traders as well, exactly and it works the opposite way as well like if you find out there's a lot of terrible and from the terrible informations gonna make your stock drop. That sell before that information, because public you're in trouble big trouble,
securities fraud, which internal training is kind of like that, but it is also. Population cooking the bookkeeper that term of your own company to maybe devalue value stock. Before it goes public or I mean there's all differ- variations actually involves manipulating numbers in a dishonest way right that pumping dumb scheme yeah, where you its stock touting there's, that's all securities fraud and then there's any trust. Violations are another given that this has been kind of big lately. So the Google is supposedly hugging the Youtube methods
which is preventing Microsoft for making a decent app for a really yeah and dumb and Google's accords proprietor, whatever inverse has like now, you're gonna can have to share that. That's their alleging in Anti trust violate companies can a police one another with that answer, and then also price fixing, the big one, which is like the opposite of companies, policing or another. Its collusion between companies and like an open book, publishers fixing the prices of e books allegedly been going on there really here and it's gonna replace it. It's it's a dirty thirty, three world bribery, one of the oldest checks in the book. Obviously, that sir involves some sort of a pay off or a kick back in exchange for
Whatever information I get the bed, my company gets your bed, this government job and I get a little kick back or I give you a little kick back. Rather any kind of may be favourable decision that can influence you come the little little Greece in the palm gonna cares three high quality frozen stakes. Please consider, and you said, consider granted and within each of these states is a one million dollar bill. It's not even doesn't even exist. What process takes of money in a million dollar bill out? We know about frozen, though each marks, so my son is a dollar. By the way I want to die welt bogey, fifty cents, a thirty three in a third we're getting Jerry Orkut, don't go there, we'll talk about it later, embezzlement, yeah!
office space, everyone in the movie Office Fisher their little programme, they had delayed shave, assent or something off against the transaction. That's embezzlement! They were given the opportunity through trust, with books. Yet with accounting they basically had access to the money and skim some off the top. That's in Belgium, France and wrong as money laundering, which we have then a Pakistan yeah a posse schemes yeah as on tax evasion, huge so, basically, all of the vizir all the stars. There's also other ones like it, ass being urged industrial espionage, corporatist bs on cigarettes, white collar sure, remember. The lady who tried to sell Pepsi is secret. Yeah, coke yeah! That's pretty hackneyed no coke secret. The Pepsi yet is like we re here. She was anyone called the cops India, rubber, jobless,
surprise, environmental law, violations, dumping, toxic waste yeah, covering up like a rock of its style here one of the things I point out here, which is when it comes to things like your little allow office space scheme that use touted a lot of times is difficult to imagine. Victims like in office space, they think no one's gonna meant met. Miss a penny is a huge Benny. So you commit these crimes without realising that someone is hurt somewhere down the line, if you dump your stock, your company stock, that he knows about the tank and I'm not saying it's understandable, but if you like work your whole career, investing in this company with your foreign k, you know it's about the tank, you man, I need to sell this, or else I'm done for my family's done for India
think about the people buying the stock there? The victims knoweth, absolutely true- and I mean like you- are being pond your pawning, your problem off and somebody else that I think you pay a really really excellent scenario like you can in some cases feel bad for the White Collar criminal, especially if it's just some average Joe, whose worried about for a one year or the case of Enron. You don't feel bad for the upper. Did you feel bad for every that company that got defrauded right, but they were strictly victims. Lydia listen visiting turn around and I try to dump yet dogs, but that that's a very visible case like screwing over your own employees, but you make a good point like, even if the even if the criminal is sympathetic, there still is a victim even if it's just some amorphous trader they'll, never me, even if the victim is sunlight,
hedge fund manager, yeah. It's really tough! There's like a really weird spectrum here. There's like I don't have. The bell curve were like the you ve spectrum, who knows you, but their sympathies like placed in different spot sympathies and anti antipathies yeah place along this this, depending on who did what and with a gain from it and what their motives were agreed cause. You got also have credit card fraud, incomplete, and male fraud and counterfeiting, and things like that. Like you know, the nigerian email scams White collar, but they're in the same boat as I can lay injects killings ramrod exactly same scummy crooks let's say you commit a little credit card fraud and you or bankruptcy. Fraud in your dislike is the easy way to get my debts were I to say someone stole my credit card.
It's very easy. There do not envision a victim because it's it's Chase Manhattan Bank in, like they're gonna notice, but what happens if they raise the rates on you and me, and all the sudden everyone across borders pay more money for stuff. Yes, that is that it is true that is very true, and that is, I think everybody should probably, I think, a good campaign piece. It occurred to me his cigar. Listen to our on wider corporations have the same rights as you. Yet one of the four flaws of corporate policy is that you serve your shareholders. First right, like you needed here, is a law that really are ultimately like anything. You can do to serve you. Shareholders is your mandate, as it is a corporate governance right that includes keeping the profit margins as high as possible. Yeah, which you knock em and go to hear your shareholders and be like hey we're. Making
money we took kind of a hit, but we're still making a ton of profit. So you want to think a little hit this year. No, it's were. We took a hit so we're going to fire people yeah. However, you reconcile that. I mean that your own personal beliefs, like white, what you feel about that, but there is reality as far as business goes right. The great there's fraud, there's adjustments to the fraud, the absorbing the fraud in its the corporation, trying to get his lean as possible, yet they're not gonna. Take the hit for that they're, not gonna, say her well bunch people did on their credit card this year. I guess what does have a bad? You know, and I know in reality- that's how it works, but it's just find disingenuous to be like. Well, everybody suffers a you know, like people lose their jobs because around its like there's a desert, be in there that there has to be held accountable to some degree well, which is your own friggin ethical code of conduct and like about not doing that causes the wrong thing to do.
No, but I think there is an institution that Algeria absorbing the hit and internal firing. This poor got yeah exactly it's just it's tough, because, though I came across a word when they were describing white collar crime and giving a definition of innocent victims calling diffuse yeah, you know me, the purser the victim passes along the the hit, the other people, it's a big, its nebulous near and even if their raising rates by like a quarter of a percentage point or your pain, an extra two dollars is a consumer a year. It's like it's still, not right, It's not right all over the place. Just no new year, resolutions are very, very difficult to keep get more exercise save more money. What about this? We have a resolution that you can really work with stop wasting time going to the post office that right you stamps that comments.
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Josh came, it sounds like it came from a cold war, delivery boy. I want to know more about this. Assistance is cold or didn't really steel Ottawa, not through time other carriers to carriers case of fourteen seventy three issues: the first White Collar trial, yes in in it, resulted in the first white collar law in fifteenth century England. In this war, transporter was given a bunch of woollen, said: hey take this war to this person and it was his job yet so he decided to instead just keep the wolf himself for his own. You spoke at sea. Looked into this more, I thought he might have been my cold on his journey now and said. You know we keep some this war now he he kept some of the work. I think he kept all of em, but somebody gave it to me thy thanks, chump, after all, he was, but the key is- and this is something that is woven into the history of white collar crime it. What he did was not illegal at the time right.
The law that was enacted as a result of the carriers case was there were saying: ok, this is it. This is an illegal, but is obviously there is a huge problem with this we're going to create a law right, the outlaws this actual people can't do it anymore, good point, and basically that's what happened. I ask him to every like us, somewhat committed version, Insolences hey. Maybe we should do that yeah, yeah but in this case, especially like the industrial revolution in the West, obviously you started getting these large corporations and all of a sudden things like monopolies in price fixing, an employee safety and all these things come into effect for the first time, so that sort of when it was really born and when they started sand here. We need to look at something called Anti Trust yet again, like monopolies were not illegal, but when a company bought up all of its competitors and said, ah suddenly, the price for your groceries in
through the roof right? Where else you gonna go: an illegal, but the people of the world started screaming and governments finally responded knows really the: U S that first had the real first solid response in the Sherman Anti Trust TAT Unlike the eighteen. Seventy, maybe I think, an idea. Eighty ninety name for John Senator John German Ohio Republican Dude, chairman of this in its finance Senate Finance Committee, which I did not even headway back then didn't either, but I mean it seems like a basic committee there. So this is interesting in that it was We voted on it won by in the Senate. Fifty one, the one in the house by two forty two zero. While there was one David that didn't vote for it and after twenty five years later, when they came up with Clayton Anti Trust, actor really put some plunge into the Sherman ACT. It was to seventy seven, seventy four and forty six to sixteen. So in that twenty four years it sounds like maybe
slightly corrupt here and there. Well, it wasn't there. It was there at what maybe it was near fight. There was also some real problems of the Schuman eight. There was really vague, yet it basically said like now from here forth, all anti competitive, corporate measures are illegal right and then had left it to the courts to decide what was why in the courts were really in the mood to enforce it, so it went largely on a fourth, although american tobacco Company standard oil. I threw the biggest companies the country were dissolved under the German. I am standard oil victim Imagine that, like imagine going to accompany now in saying, like hey Apple, it's too big the authority, dissolve you in the thirty one companies we have all these. Regulators here, they're going to come in and look at everything in this dissolve you into different company. Sorry, that's what they did here. Ok, even still didn't have enough Tito. They care with the clean
any trust act and allow and really spelled things out like you couldn't do price discrimination more right, which, if you're black Erica during the Jim Crow era. Price discrimination was mind, boggling yeah you walk into a store if you're allowed in there to begin with, yet another make up whenever price they want. It was really I'm reading the sum consumerism in America Book in it at this point now is really just a blemish on yeah I mean, like slavery, wasn't bad enough like have slavery white through Jim Crow areas is disgusting, exactly I'm ok. So there is no price discrimination. Allegedly corporate mergers were outlawed in Clayton
and then interlocking bore three highly competitive companies here, but the same people on the board of each right right. You can't have there and then also exclusive contracts, or it's like hey depot. You can sell. Are we workers, but you can't tell anybody else's those contracts around right, hey how do they do stuff like Now the right, maybe not exclusively, but they carry like they do not want limited number brain uncover mergers interlocking boards exclusive contracts like one away, they all got chipped away. This is I mean, is this: this act is like not enforced anymore. Basically, well, that's when things it bugs me about like gross or actually the Big Box Hardware stores grocery shopping. Did you do it? You only have access to what
who they have partnered with right. Mother. It's your potato chips that you want your we'd whacker that you want it's true in most of the big bucks or is also have exclusive contracts. The other way it's like a wolf sell your we'd whacker, but you can't sell it you. No one else can write. So it's a real gamble. I understand like good sign on one of these giant corporations. Well, that's what in the Walmart effect! That was one of the things I think these death like attend. Company Europe on a company like this mom and pop awning company Alison, gets a Walmart in fact many like sweet answered, all our prayers. It would like thirty thousand at ease the order. Thirty thousand
they open up like three new buildings, Harold these employees and then the next year they come back and say we want thirty thousand more, but we're gonna pay about sixty percent less than you ve already bought the buildings and even being invested in the in the materials and the people. In a sudden, you screwed, you know one thing: the long thought agony totally take flak for this, but I still think it's worth saying like here like well, let's just business, yet I feel that any any institution where, like morally reprehensible act, can just be you know off handedly dismissed as a matter of course. Here be of that institution, inherently fought, there's an inherent problem with it. Yeah, that's not ok agreed like we don't just go well! That's just murder refugee! Now! Well, it's just stealing. There you know, welcome to earth human right now we have a moral and,
legal guidelines that we follow and business incorporation of so so long stood outside of this thing right there, it's just they always bug. Why is this like? What are you gonna do? Yeah? I don't like that. So sorry, I'm off myself. While I agree completely with my phone, I tied brain so by so things are long here in the industrial West corporations herb getting larger. And all the sudden, these crimes are being an something called a much greater in the nineteenth and early Twentyth century comes about, and I didn't realize amok rigour was exclusively journalists. Yet it's out of order was an investigative journalist thought I would was anyone reckon Mark now, but specifically a journalist who basically early on said, you know what that's bad, I've gone on sea and I'm gonna exposure right and then Sinclair was
I really, and he wrote the jungle change. Of course I mean the FDA basically came about because of the investigation that connected with money. He's right. A lotta marking cost a lot of problems in these companies and on one of the things that came about because of the muck making work. You know things like the Clayton net thing you ever exactly right, exposing almost exactly and things like that. The federal regulations, consumer protection, the muck rakers basically stirred public sentiment like hey. Don't be idiots like this stuff going on right in a lot of people said: well, it's not illegal and then a fortunate. There are guys like a Roth who was a criminologist in a sociologist and he The really kind of looking into Listen said: hey man! These people may not be criminal, but let's all them criminal Lloyd's like those that pointing the turning point for people who, especially in business, carried out these terrible.
Acts. There were no legal. He argue that even those illegal causing ill and these people still responsible for and so make a law that out was dumb easier and he inspired again him each Sutherland. Ok, he came before Sutherland yeah. He was at the Ross as working time, the muck rakers and entirely came about twenty years later. Yes, suddenly coined the term actually white collar crime in nineteen, thirty nine and he was a criminologists and sociologist and he pretty much. He had a broader definition that basically it was the high society and not the lower class at all, committing these crimes right, which nowadays, you can't really say that, because anyone get a startup, a comment- and you know it happens all the time across all spectrums- of the class system. But sutherlands point: wasn't he wrote a book called white Collar crime yeah I'm his point was that there is a huge by us in the United States, where the law enforcement in the courts
lean heavily on the working class cry injure and blood basically ignored the crimes of the upper class and said this is not ok like gum if a guy's gonna steal a thousand dollars from a cash register with no gun or anything like that. Right like there are other factors, but let's say a guy steals a thousand dollars in cash register in these poor and a guy steals affair I am an investor in his rich that they should be treated equally in the right out and that's what Sutherland Point one and he was the first due to really brings to light. Wasn't me yeah? Well, ROS kind of started to
several and was very well received. It was well received in certain quarters, but there are also certain flaws pointed out by people over the years. One of the things mentioned article said if he failed to distinguish illegal crime from deviant, mere deviant behaviour, like apparently his his old premises like a year in the donkeys, your white boy, criminal. Exactly and the other thing I mention too, was that a pretty much said it was. Anyone like any upper class. Non violent crime right in that's definitely evolved in. I think, fairly sure I think he can be working class. He can be business class if, if you like, that's a big big part of white collar crimes, definition is a year of paternity arises because of the trust
granted to you through your occupation. Yet even if your lower level employ, you still may have access like the lady who wonders how the coke secret she wasn't like see. Oh no, she was an admin. I believe the exactly southern there's. One thing that the late yesterday they lighted shoot a hole in a sutherlands theory that, or they say, is definitions too broad, because he did include behaviour, that's not illegal, but its very legitimate point to say you kind of have to because if not, then we I have had. The Sherman Anti Trust, as we would have had to Clayton ACT right in the head in other FDA. All of these things there that the carriers case he would have gotten off Scot free. What he did was not illegal, so it has to evolve over time agreed and it has agreed. So, let's talk about, I guess the impacts of today's modern whitechoker.
And that was his pencil things. Yet we talk about a few of these about is seemingly not having a victim, but what happens? Is Europe up a huge corporation, though re surprises there's another ripple effect. He talked about cutting jobs to meet the needs of the investors of its publicly Triticum. Right when their stock fraud committed insider scandals like Enron or gonna ripple out. My girl threw out the stock market cause, like you know. Basically,
cause people to be unsure and have no faith in the stock market said yeah, that's dangerous, ya! Think about all the people who just lost everything. Oh god I get yeah. I get justice angry, if not more angry at something like that, then you know some like heinous crime at an equal, thereby scumbags. Ok, so you said lichens, seventy four, the F B. I first started they thats when they ve created this white collar kind of his yeah, so apparently likings before yes, here in it, it was a response like this new University of Michigan Survey, that they conducted between nineteen
eight. I think in eighteen. Seventy three. They found that people who said that they trust the federal government went from seventy three percent to thirty seven percent and then a waste of time between eighteen, fifty, eight nineteen, seventy three mile yeah, I thought the match or to talk at sea that over that time period the sixties, yet one of the big ones was just like fraud and corruption at high levels, and so the f B. I created this white collar crime thing, one of the other things differentiates white collar crime from regular working class crime yet Is the police's ability to police it right? You walk into a room. There's some guy weighing I'll cocaine he's a criminal. Yes
you walk into a room and there's some guy on a computer, doing a pump and I'm scheme. Who knows that average cop is inadequate to detect this kind of crime, and this may affect even very, very well trained cops, aren't typically equipped to take this kind of crime, one of the hallmarks of white collar crime is that is very difficult to prove their very difficult to uncover and is also difficult to prosecute yeah and there's no smoking gun is no paper trail here or there may be a paper trail, but it's probably electronic I'd sure sounds a little harder to follow. You gotta really gotta have people that no other doing right. That's why the F b I created that division, and I guess
doing a good job, but it's kinda hard over just the permanence been going after white collar crime, lately under Obama pretty hard here there and then the Sarbanes Oxley ACT definitely step things up, and he says it is simply too much yeah. I mean I've had to comply with this at various sir, when I worked in the film MRS Production Company said it like a jump, the way more hoops paperwork, because the Sarbanes Oxley, yes, the uncertainty when Tom Well judged it it was in two thousand to, and it was to improve corporate governance, which is basically accountability between corporation stakeholders. What it amounted to was a lot more paperwork, essentially right, more proving of numbers and showing number
gin jumping through it was a direct reaction from of the fall out of Enron from the followed of Enron and take over, like all the other companies around that time, but one of the other things that detectors was a quadrupled sentences in a lot of cases for collar crime. Yet so now you have guys like Bernie made off getting a hundred and fifty years there's a guy named. Show them Weiss who involved in like the break up of some insurance company, he got eight hundred and forty five years. He gets out in twenty seven. Fifty four I think you can see. I don't either, but I mean the going rate. Hardness got a hundred years for thirty. Nine million dollar ponzi scheme like these, and all of this is like Post Sarbanes, Oxley yeah, except the shell unwise, which is really saying something, but I still get that yeah innocent, but
like so no no senses are like quadruple and take what wait a minute. Maybe maybe this is a little too much like just retribution on the rich. It is an that's kind of. I think why a lot of people are having a hard time feeling bad for ridiculously wealthy people who were hucksters and fraud there or people who built people out of their retirement and tat is to feel sorry for him. But, legally speaking, is like we'll wait. A minute you're worried about the guy stole a thousand dollars out of it till right being treated differently from the guy stole a thousand dollars from an investor. Now it's flip flop, How is that any better? Exactly one of the arguments for these kind of things is that these people are It traditionally historically have been treated differently because they look like the judges that are sentencing them here, and the judges historically like really have taken it easy autumn. There was going to call me,
it's ok, but they also have been. You can make the case that they are usually first time, offenders they're, usually family people. That's that's for something that the judges put out there. The article is a family man, he's not much of a flight risk. He's probably never gonna. Do this again ass, he a danger to society. Yes, he didn't use a weapon which is a huge huge differentiation here and so sensitive typical typically been light, but you didn't, you can also came to say: will you know where it will feel like? We haven't quite felt it out, like we ve traditionally Nord White Collar crime, now a really stick in it to him. While, as that whole argument with prison, is it like punishment for a crime done or is it rehabilitating a person who has a price An example of that person here, because it since you can't police it another way too,
example out of that person here, because it since you can't police it another way to prevent it is to send a message to the court's. Like you do this man you're going to prison for a long time yet know that such a deterrent, though, for some of these people I don't know- I mean I think about it- twenty years in it federal palisade club FED is not around any longer year through, and I mean this is like twenty actual years here somewhere
named Thomas fetters recently got fifty years and he will spend forty years in jail, unease fifty two and he will probably die imprison. Now, that's a big deal. Somebody who's like. Maybe I shouldn't do this insider tray. Maybe I should let his fifty grand walk by is not really worth it well, something like that. I'm talking about the once you're getting rich by the tens of millions of dollars. Now. What I want to see is that these people don't get out of prison and still have all those millions of dollars yeah like hidden in different foreign accounts and offshore islands and like the financial partners. What really bugs me omitted? I didn't get a chance to look up and see if any the Enron, victims and employees wherever
aid, or if they were just ass, a well I'm under the distinct impression there. I saw a relic because the companies in such bad shape that even resolving it just like our assets are now I can do. I think that some people did get some money, but I dont think it was anything approaching what they lost. Well, whoever committees crimes gets out of jail and they have to pennies derived together, then the two pennies more than they should have. I think That's a thing like so the government started prosecuting under the Rico act. He asked the same thing they bust out mafia organizations with and they ve been fighting. What hello crime within one of the things about the Rico ACT, as it allows states and individuals who are harmed to sue for up to three times images yeah, but even then they have to do is say here how that money? You get me it's true can't they know it's true they come in the made off case. The guy who's, who was assigned to basically get money back for investors near has got
I dont remember how much made off fleeced felicity was eight billion. The guy's managed like get like six billion back Everyone here is a really good job while of getting the money back in its desert. That's that's an example. It's not! Yet members are figure, but it's it's something pretty significant you're struggling that wasn't eight billion. I've only refer to the ones we came in. We don't listen to you for freedom, your opinion about the lad, Let's move on to other countries. Things are different all over the world, obviously, when it comes to big business and business, and Western Europe, has followed behind the: U S most wholeheartedly with laws to prevent corruption. Eastern Europe come on board a little slower. But then you go into other countries like in western Africa, and it may be customary to Greece palms to get a deal going.
Or in India, where, apparently, if your truck driver, you're gonna, have to bribe people to keep your ring on the road, I messes how it they're right in and not only is it customary is frequently legal, yeah, Russia, bribes, all over the place, you wanna Lang contract. You might derive somebody so if you're multi national corpse in this task to the others headquarters in America. Here yeah, you have like a real problem facing you, especially the guest at the Justice Department under a bomb, has been prosecuting white collar crimes in going big time after people under the foreign corrupt practices, ACT which says, if you, an american company, you can't engage in bribes. Even a great legal in that country will good. But what's the point like why hamstring american business a broad yeah, exactly in the help this out. Actually there has been a unified committee, called the company and try Committee CUP transparency and
tional and they are out to get rid of corruption and to unify business, business ethics all over the world right and that's the that's. The reason that you hamstring american business is basically saying hey. We can take the hit in the hopes of pressing the rest of the world into the same clean up the right, competitive laws we have here in the states that work very well So good luck to them! Here's the thing: saving money with Geico was almost better than playing pick up: basketball, there's always that guy who joined your game he never passes the rock he. Instantly bricks theories and who can we have you and then put his hands up and say no foul, no foul, with Geico its ease the switch and save on car insurance, no, he'd Facon, ankle sprain, because you're absolutely exhausted which in save with back it's almost
better than sport. I got nothing else now we should. We should play this went out with talking. Had big business agreed search chocolate see if people want to learn more about white collar crime, I would strongly advise them to go. Read this article by Jane. The graph is a good job. There's a simpsons reference in it so way to go Jane. You can type in white collar crime in the search bar howstuffworks dot com, which friend out, brings a woman s right gosh. I call this hot off the presses, because I can judge and jury wanna see. Thank you probably hours listening and my brother chasing I've been listeners nearly as long as you're making it was even when new year's day, where are we would do well, listen to hang over past
that's good, for, I think it's funny and informative and always feel like calling my brother after listening to the latest episode. I'm writing you, because its recently his birthday, he said brother in the world and downright awesome? Human being would mean a lot to me. If you could tell the stuffy Chanel listeners about his latest project, I went for a gem survive cancer. He told chase. Did he gained strength from the music he loved over two years, two hundred twenty six hundred tracks Debbie twenty six hundred with every way how many two hundred and twenty six hundred be twenty eight hundred would it or twenty two hundred? No twenty six hundred plus two hundred and twenty eight hundred nearly two hundred artists
persons in saying no she's, not over two years. Two hundred twenty six hundred tracks, nearly two hundred artist from other countries all over the world have allowed them to share that message. They are releasing their second compilation: death, electronic saviours colon industrial music cure cancer. So it's these artist, compilation, serpent catch faintly, two hundred hundred tracks there are registered. U S charity and now proceed gotta cancer research, and if you want your until electronic easy and if you want to support cancer research, you can go to Debbie Debbie Debutante electronic saviours dot com, and that is something chases got goin in his sister. Laura Dudley is a big fan of her brow. He sounds like a swell guy, I'm offering you. It is those Garriga Druid answer
promoting report, which we always want to hear about good causes. So you cannot get out of this. Word is never yours will try our best to let everybody else. No about especially people to support its author. Little talking. Heads big business from the live album start making sense release tonight to me, for it will show up on Itunes, Amazon and elsewhere. Are you can get in touch with us? It s? Why escape podcast on twitter? You can get a facebook that complex that we should now and you can send us regularly email by wrapping up spanking. Bottom and sending it to stuff podcast discovery that
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Transcript generated on 2020-01-17.