White Collar Crime Report : Red Collar Crimes

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Sabine Louis-Jacques - 1554763 White Collar Crimes – 0613-380-001 Summer 2013 (Incomplete Course) Essay #2: White Collar Crime Report Periodically, business magazines like Fortune, Forbes, the economist, International—among others, publishes the results of surveys, ranking big corporations by sales, assets, profits and market share. The purpose of these surveys is to identify and celebrate the most profitable corporations. Our era is best known for its booming markets and profits, but it is also a decade of widespread corporate criminality. The number of activities that involved acts committed through deceits and motivated by financial gain has increased considerably. Terms such as “Corporate Crime” or “White Collar Crime” are used to describe a variety of these activities. In 2008, the U.S. economy faced its most dangerous crisis since the great depression in the 1930’s. The contagion, which began in 2007 when inflated home prices deceivably turned downward, spread quickly. The losses included: The investment banking industry, insurance companies, the two major enterprises chartered by the government to facilitate mortgage lending, mortgage lenders and commercial banks. Since most industries rely on credit, the most spectacular troubles broke out in the auto industry as banks stopped making the loans that they need to regulate their cash flow. The Dow Jones Industry Average in the U.S. lost 33.8% of its value and the U.S. financial crisis started to spill into the
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