White Collar Crime

“Corporate and white-collar crime took center stage in 2002, as financial scandals exploded across America’s economic landscape, leading President George W. Bush to call upon Congress to stiffen penalties for unscrupulous business executives. The President’s call came amid declining stock market values, shaken investor confidence, and threats to the viability of employees’ pension plans in the wake of what appeared to have been a corporate crime wave involving illegal activities that had been planned and undertaken by executives at a number of large corporations. Among the firms ensnared by scandal were former energy broker Enron Corporation; telecommunications giant WorldCom, Inc.; cable services provider Adelphia Communications Corporation; accounting firm Arthur Andersen, LLP; former telecommunications company Global Crossing; drug maker Johnson & Johnson; and bankrupt retailer Kmart”( Schmalleger).

White collar crimes has taken its toll upon American businesses as scandals and corruption have depleted localized industries and have caused losses of jobs and pensions among the American people.

Organized crime relates to white collar crime is that they are both crimes against parts of industry and not personalized types of crimes.

These are crimes against corporations not an individual person per say—such as serious crimes for example as rape and murder.

“Organized Crime identified five types of activity that may qualify as organized crime: racketeering, vice operations, theft/fence rings, gangs, and terrorism” (Schmalleger).

White collar crimes are organized crimes against corporations and are usually considered in relationship to higher class people types.