The Business of White Collar Crime
This video is an indictment of a flawed criminal justice system that allows a few people to make fortunes at the expense of the majority. Unfortunately, in a capitalistic society such as the USA, the majority are usually poor, seeking to survive and thrive at all costs. As reflected in the video, white collar crimes, as defined in Benson and Simpson (2014), takes advantage of the naivety and desperation of the masses to take undue advantage of them. The most unfortunate portrayal in the video is the impunity associated with white collar crime. Corporate leaders whose decisions led to the suffering of millions only got light prison sentences. Impunity always encourages incidences of related crime; hence the continued surge of white collar crimes.
25 Biggest Corporate Scandals Ever
Just like the Business of White Collar Crime video, the video 25 Biggest Corporate Scandals Ever is an analysis of how corporate leaders make intentional choices to the detriment of investors who have no choice in the matter. People invest their savings in companies based on misrepresentation of facts. Other people make fortunes at their expense by shorting the stocks when the reality of the misrepresented facts come to the fore.
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Small Business Fraud: True Story, Check Fraud Crime Ring
This video presents a different perspective where white collar crimes are perpetrated by organized criminals as opposed to corporate leaders. A small business lost tens of thousands of dollars to an organized check cashing ring that operated like the mafia, including threatening witnesses if ever court cases ensued. The spread of white-collar crime from corporations to organized crime could in part be caused by the impunity that corporate leaders enjoyed when they were caught stealing from investors (Wong, 2005).
Top 10 Biggest Corporate Scandals
This video shows how some of the most powerful companies in the world have been involved in scandals that have led to pain and suffering of ordinary citizens. The nature of scandals in the video varies exponentially as they are not limited to financial choices. For example, for Lehman Brothers, it is about how bad choices resulted in the collapse of the bank, costing investors fortunes. Conversely, the IBM story is about corroborating with NAZI Germany during the Holocaust by providing technology to identify Jews. The wide variety of crimes expand the scope of business ethics to include all elements of wrongdoing, including developing the right technology but for the wrong client (Chell, Spence, Perrini, & Harris, 2016).
References
Benson, M. L., & Simpson, S. S. (2014). White-collar crime from an opportunity perspective. In Simpson S.S., Weisburd D. (eds) The Criminology of White-Collar Crime (pp.175-195) . New York, NY: Springer
Chell, E., Spence, L. J., Perrini, F., & Harris, J. D. (2016). Social entrepreneurship and business ethics: Does social equal ethical? Journal of Business Ethics , 133 (4), 619-625
Wong, K. C. (2005). From White-collar crime to organizational crime: An intellectual history. Murdoch University Electronic Journal of Law . Retrieved from http://classic.austlii.edu.au/au/journals/MurUEJL/2005/14.html
