CJ Week 2; 01/20, 01/22
CJ Week 2; 01/20, 01/22 CJ 100
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This 4 page Class Notes was uploaded by Courtney Small on Saturday January 23, 2016. The Class Notes belongs to CJ 100 at University of Alabama - Tuscaloosa taught by Douglas Klutz in Summer 2015. Since its upload, it has received 130 views. For similar materials see Intro to Criminal Justice in Criminal Justice at University of Alabama - Tuscaloosa.
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Date Created: 01/23/16
The Role of Public Opinion • Public Opinion greatly influences political leaders • Mass media greatly influences public opinion • New Age of social media has changed everything (Youtube, Facebook, Twitter, etc.) Crime rate actually isn't going up; its going down Public safety as a percentage of civilian government spending has increased since 1965 World incarnation Rates per 100,000 Population • United states is number 1 o Prison is a big business Current Events….. • Annual cost of crime? o $1.7-‐$2 trillion! • National Debt Clock o $18 .9 trillion dollars close to $19 trillion o Student loan debt-‐ $1.3 trillion • Bank Robberies-‐ How much??? o For stealing $500,000 from a bank 10-‐30 years LIBOR Scandal • London Inter Bank Offered Rate o What big banks are tasked with what the global interest rates should be o Manipulation of global interest rates o Media isn't informing us o Has been going on at least since the early 1990's • Average interest rate calculated/estimated by major banks • Financial institutions, mortgage lenders, and credit card agencies set their own rates relative to LIBOR • Dealt with global interest rates of big banks New Information • New York Fed (Federal Reserve)released documents that showed they were aware that banks were rigging the LIBOR rate • Civil suits-‐ class action lawsuits by individuals, cities and municipalities, etc. • Potentially billions of dollars-‐UPDATE • Class action lawsuit : you have a large number of individuals who are suing , and they come together all as stakeholders o More numbers equal more power White-‐Collar Crime • Full range of frauds committed by business and government professionals • Estimated to cost US somewhere between $300-‐700 billion annually • MF global, Bernie Madoff, Enron • Victimless?? White-‐Collar Criminality • Edwin Sutherland was the first to publish this subject in 1940-‐ White-‐Collar Criminality • "Father of White-‐Collar Crime" • Scholarly community was stunned by the claim that "respectable" executives, physicians, and poiliticans ("white-‐collar" jobs) frequently violated the public's trust and committed fraud costing millions of dollars. Sutherland's Views • Two distinct criteria for white-‐collar crime: 1. Crime had to be committed in the course of the occupation i. Had to be done during business hours 2. Crime is undertaken by a "person of respectability and high social status" Friday, January 22, 2016 Why study white-‐collar crime? -‐White-‐collar crime and “social costs” -‐Bad as the economic costs are, the more worrisome effects involve lower morale and creation of distrust (ex. financial institutions) -‐Think LIBOR! Physical Costs of White-‐Collar Crime -‐People killed, injured, made ill -‐Lack of safety regulations, violating safety regulations (ex. coal mining) -‐Toxins in the workplace, toxins released into the community (ex. asbestos) -‐Defective products and false advertising (pharmaceuticals, automobiles, etc) Ex. Campbells Soup, advertisement of soup had more meat than what would appear in can. Exposure to a Criminal Culture -‐Newcomers arrive for work, they soon learn that certain unethical and illegal business practices are normative -‐Resistence to breaking the law treated like the new workers are not “team players” (denied advancement within the company) -‐White-‐collar crime is not the result of a “few bad apples” but of a “rotten barrel” -‐Case Study: The Ford Pinto -‐Gas tank placed six inches from rear bumper -‐Japanese compacts were coming out and Ford wanted to rush production -‐“Normalized” the risk -‐Aware of the design flaw, refused to pay for a redesign, and decided it would be cheaper to pay off possible lawsuits White-‐Collar Crime -‐Father of it Edward Sutherland -‐Full-‐range of frauds committed by business and government professionals -‐“Ponzi Scheme” –fraudulent business model taking new client money and paying back investors with it -‐3 Main components of Ponzi Schemes -‐Seems legitimate -‐Comes from a reliable, trusted individual -‐All eventually fail Embezzlement -‐The fraudulent conversion of another’s property by a person who is in position of trust(such as an agent or employee) -‐Ex. Accounting Embezzlement Tax Evasion -‐Perpetrator attempts to avoid paying taxes they would otherwise owe -‐Ranges from filing tax forms with false information to illegally transferring property so as to avoid tax obligations Money Laundering -‐Criminal act of filtering illegally obtained “dirty” money through a series of transactions designed to make the money appear legitimate “clean” Bankruptcy Fraud -‐Concealing assets to avoid having to forfeit them -‐Intentionally filing false or incomplete forms -‐Ex. Petition Mills Insurance Fraud -‐Refers to any duplicitous act performed with the intent to obtain an improper payment from an insurer -‐“Hard Fraud” (Deliberate destruction) vs. “Soft Fraud” (Exaggeration) -‐Life Insurance Fraud Counterfeiting -‐Someone copies or imitates an item without having been authorized to do so, and then passes the copy off for the genuine or original item -‐Ex. Money, designer clothing, handbags, watches, etc.
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