CJS 101 Lecture Notes - Lecture 2: White-Collar Crime, Libor Scandal, Mf Global
9 Dec 2020
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Document Summary
Largest crime in terms of monetary loss ever crime of the century,". London interbank offer rate how we calculate global interest rates. Banks were manipulating the interest rates in order to benefit themselves. Set the precedent that a financial institution can wipe out segregated accounts without any punishment. Full range of frauds committed by individuals in positions of trust throughout their occupations. Social costs people losing trust in the system. Bad as the economic costs are, the more worrisome effects involve lower morale and creation of distrust (ex. Class action lawsuit: many people coming together through one lawsuit. The fraudulent conversion of another"s property by a person who is in a position of trust (such as an agent or employee) Examples: accounting embezzlement (enron, cooking the books) 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.
