Corporate crime inflicts far more damage on society than all street crime combined. Whether if it’s contributed by injuries, death, or financial lost, corporate crime and violence wins by landslide. The FBI reported that burglary and robbery from street crimes cost the nation an estimate of 3.8 billion a year. In comparison to corporate fraud, it’s a drop in a bucket. The losses from major corporate frauds, such as Enron “swamp the losses from all street robberies and burglaries combined.” (Mokhiber, 2007) Furthermore, leaving victims and their families subjected to their recklessness and for some nowhere to turn. The deadly consequences of this weaponless crime is shocking and horrific. The wealthiest Americans not only steal more wealth through white collar crimes, but their crimes also lead to more deaths. In 1985, Enron was established following the merger between Houston Natural Gas Co. and Omaha based InterNorth Inc. By the end of 1990 the company flourished and NASDAQ hit 5,000, along with groundbreaking internet stocks valued at
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“Enron’s deadly sin was hubris, which lead people to believe they could handle the increasingly toxic risk without danger.” (Rosoff, 1998) The company was the face of the New Economy of the 21st century. “If a corporation whose recklessness and dishonesty has devastated thousands of innocent victims and hung a cloud of public distrust over American financial markets even deserves an epitaph, perhaps a fitting one can be paraphrased from The New York times: Enron was not much of a company, but it was one hell of a stock.” (Rosoff, 1998) Enron’s lethal consequences resulted in other new compliance measures. “Additionally, the Financial Accounting Standards Board substantially raised its levels of ethical conduct. Moreover company’s boards of directors became more independent, monitoring the audit companies and quickly replacing corrupt management.” (Investopedia,
“Enron’s deadly sin was hubris, which lead people to believe they could handle the increasingly toxic risk without danger.” (Rosoff, 1998) The company was the face of the New Economy of the 21st century. “If a corporation whose recklessness and dishonesty has devastated thousands of innocent victims and hung a cloud of public distrust over American financial markets even deserves an epitaph, perhaps a fitting one can be paraphrased from The New York times: Enron was not much of a company, but it was one hell of a stock.” (Rosoff, 1998) Enron’s lethal consequences resulted in other new compliance measures. “Additionally, the Financial Accounting Standards Board substantially raised its levels of ethical conduct. Moreover company’s boards of directors became more independent, monitoring the audit companies and quickly replacing corrupt management.” (Investopedia,