Download Big Money Crime: Fraud and Politics in the Savings and Loan by Kitty Calavita PDF

By Kitty Calavita

At a price of $500 billion to American taxpayers, the reductions and personal loan debacle of the Nineteen Eighties was once the worst monetary predicament of the 20 th century in addition to a criminal offense unheard of in American background. but the majority of its perpetrators shouldn't be prosecuted, and those that have been have bought minimum sentences. within the first in-depth scrutiny of the methods and technique of this catastrophe, this groundbreaking booklet involves nerve-racking conclusions in regards to the planned nature of this monetary fraud, the political collusion concerned, and the leniency of the felony justice approach in facing those "Gucci-clad white-collar criminals."Using fabric from over 100 interviews with govt officers and leaders and lately declassified files, the authors express how--contrary to prior govt and "expert" reasons that chalked the catastrophe as much as enterprise dangers long gone awry or hostile financial conditions--S&L leaders engaged in planned fraud, stealing from their very own agencies to take a position on high-risk ventures. Tempted via the assurance web, perpetrators looted their very own associations in a brand new form of white-collar crime the authors dub "collective embezzlement."Big cash Crime additionally demonstrates how systematic political collusion--not simply coverage errors--was a serious component during this extraordinary sequence of frauds. Bringing jointly records from quite a few govt businesses, the authors supply a detailed interpreting of the music list of prosecutions and sentencing and locate that "suite crime" gets even more lenient therapy than "street crime," regardless of its considerably larger price ticket. The e-book concludes with a few modest, yet no much less pressing, coverage strategies to counter the present deregulatory development and to evade a replay of the S&L debacle in different monetary sectors.FROM THE BOOK:"We equipped thick partitions; we have now cameras; we've time clocks at the vaults . . . these types of controls have been to guard opposed to a person stealing the money. good, you could thieve way more cash, and take it out the again door. tips on how to rob a financial institution is to possess one."--House Committee on executive Operations, 1988

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Additional resources for Big Money Crime: Fraud and Politics in the Savings and Loan Crisis

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Further, to the extent that crime is portrayed as distinct from business lossesas it is in Ely's analysisonly outright theft or siphoning off of funds is considered. " 17 This is particularly the case in the area of high finance, where criminal offenses can easily take on the appearance of ordinary business transactions and where it is sometimes impossible to unravel the complex paper trail designed to disguise the wrongdoing. The thrift industry in the 1980s was an ideal setting for what Jack Katz has called "pure" white-collar crimes.

By carefully reconciling and integrating these disparate data sets, we can now provide a more comprehensive picture of the response to thrift fraud. Of course, the picture is far from complete, and the data are inevitably imperfect. We can never be sure how much crime went undetected, and there is no way to be certain that the cases that did come to light were representative. While this is a concern in all criminological research, the problem is particularly acute for white-collar crime, where fraud is often disguised within ordinary business transactions and elaborate paper trails cover offenders' tracks.

Insiders/Outsiders Cited in Referrals 48 4. Crime Types and Losses 70 5. Criminal Networking and Impact on "Financial Soundness" 72 6. Individuals Criminally Referred and Indicted in Texas and California 148 7. Selected Characteristics of Suspects and Offenses in Texas and California 152 8. Major S&L Cases 157 9. Prison Sentences in Major S&L Cases 158 10. Status of Defendants in Major S&L Cases 159 11. Sentences in Relation to Defendant's Position and Offense in Major S&L Cases 161 12. Prison Sentences for S&L Offenders and Selected Federal Offenders 164 Page xiii Acknowledgments The research leading to this book would not have been possible without the interest and support of many people.

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