White Collar Crimes pt.2 Flashcards
What did Enron, the 7th largest US gas and electricity company, do wrong? (scandal)
they used illegal accounting methods to make it seem that profits were increasing, but the company was failing
They lost 63 billion
Which bank company payed 2.4billion to help Enron hide loses
CIBC
In 200 what was the most valuable company in Canada
Nortel, they seemed to be very profitable
How much did Nortels shares drop
How much did they loose?
from $124 to $1
they lost $300 billion
What three incidents occurred in 2007 due to unsafe products in China
- Contaminated pet food
- Counterfeit Colgate toothpaste
- Unsafe children’s toys
How many people died in the Nova Scotia mine explosion? why did it happen
26 were killed because the company violated safety rues and government inspectors didn’t enforce them
What is Insider trading
using knowledge not available to people outside the company to profit from stocks
what is another name for blue-collar crime
occupational crime
How do tradespeople avoid sales tax
by doing work “off the books”
In some occupations, non-compliance (unhonestly) is as high as what percentage
90 percent
What are “contractors paid in cash” part of
the $36 billion underground economy in Canada
What does the U.S Chamber of Commerce estimate
that U.S employers lose 20-40 billion a year due to employee theft
what percent of business failures are cause by employee theft
30%
Why are sentences for while collar offenders light in Canada
-large corporations can hire the best lawyers
- corporations use delaying methods
- the government gives them light sentences because harsher sentences can effect the economy
