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NCJ Number: 150636 Add to Shopping cart Find in a Library
Title: White-Collar Crime in the Savings and Loan Scandal
Journal: Annals of the American Academy of Political and Social Science  Volume:525  Dated:(January 1993)  Pages:31-45
Author(s): H N Pontell; K Calavita
Date Published: 1993
Page Count: 15
Sponsoring Agency: National Institute of Justice (NIJ)
Washington, DC 20531
US Dept of Justice NIJ Pub
Washington, DC 20531
Grant Number: 90-IJ-CX-0059
Dataset: DATASET 1
Type: Survey
Format: Article
Language: English
Country: United States of America
Annotation: This article elaborates on the nature and scale of white collar crime in the savings and loan crisis and overviews the thrift industry and the impact of deregulation on opportunities for fraud.
Abstract: The authors note that financial losses incurred in the savings and loan crisis are partially the result of deliberate and widespread criminal activity. The combination of deregulation, increased government deposit insurance, and the lack of effective oversight mechanisms has provided a "criminogenic environment" in the thrift industry. As policymakers attempt to bail out thrifts, it is important to examine the etiology and dynamics of criminal activities that played a major role in the demise of savings and loan institutions. Fraudulent activities are discussed under the general headings of unlawful risk taking, collective embezzlement, and covering up. Similarities are noted between criminal activities of thrift operators and persons associated with traditional organized crime. Government enforcement issues are addressed that focus on both statutory changes and the law in action. Further research, focused on the thrift and banking industries and on other comparable financial institutions, is recommended to understand the theoretical dynamics of white collar crime in the post-industrial period. 48 footnotes
Main Term(s): Criminology
Index Term(s): Bank fraud; Embezzlement; Financial institutions; Fraud and abuse prevention measures; Organized crime; White collar crime; White collar offenders
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