I also learned that the old cliche “honesty is the best policy” always works. I learned that the time has come for the accounting profession to adopt a zero telerance policy against wrongful and dishonest behavior. This assignment also made me realize that not all good intentions are laudable. Doing a good job does not necessarily mean that it is laudable act. There are orders from our superiors that are illegals such as “coooking the books” that should not be followed. Being a good soldier will not absolve an employee from such criminal act. I learned from the article that our employers cannot pushed or forced us to do it and we cannot be bullied into submission because we are protected by law against the commission of such illegal acts. Corollary to this, whistleblowing and stopping the act right there and then could be detrimental to the employee. It is better that to stay in the organization and just quietly collect evidences and approach a lawyer who has an experience in litigating such cases. Obtaining evidences that we do not have access to, even if our intention is good, will not hold in court because because one’s hands are also dirty. Above all, the motivation of those who whistleblowed was not necessarily out of monetary reward, but out of their conscience to stop the illegal act. 2. How the article relates to our class discussions. This relates to our class discussion in a way that the practice of ethical behavior prevents wrongful and dishonest behavior in the accounting profession and other similar profession. It also relates to the discussion that following orders of a superior is not always morally right especially if the order is unlawful. Being a good soldier will not and cannot absolve an employee from doing a wrongful and criminal act. It also relates to the discussion that the accounting profession demands a high standard of ethical behavior and that the time has come that such criminal act is no longer tolerated. 3. Your analysis and thoughts, and whether you agree or disagree with the authors. The article made me realized that the recent financial crisis and corporate scandals that recently rocked the news was caused by this unethical and criminal behavior as perpetrated by those in the white collar industry especially those belonging in the financial sector. I need not elaborate the consequence, but it is already enough to tell that such collective unlawful acts precipitated and slid this country and the whole global economy into recession that caused a lot of people to lose their jobs and their homes and made life difficult for all of us. This consequence stresses the need why there is a need for strong a ethical behavior enforced by the zero tolerance against a criminal behavior in the accounting profession and financial industry. It is an eye opener to realize how the author illustrated the point that good intention is not necessarily laudable. I agree with the author fully when it was discussed that it is not wise to stop an illegal act right there and then especially if we are still in the organization. It will be prudent to quietly collect evidences and seek the help of an experience lawyer. Considering the consequence of this dishonest behavior to the economy in general, I agree with the author that the penalty should far exceed the benefit derived from those wrong doing. It made the lives of a lot of people
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1. What you learned from the article. I have learned several things in this article. First, I just realized how pervasive dishonesty in our society is especially in the corporate world. Yet, very few are convicted especially with those crimes that are white collar in nature…
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Such crimes include and not limited to corruption, identity theft, tax evasion and embezzlement among others such as money laundering (Simon & Eitzen, 2000). This paper is a critical evaluation of white collar crimes as compared to conventional crimes.
1992, 11-12). These organized crimes are committed by and for business and pose a serious threat to the health, safety, and financial welfare of consumers and workers as well as to the orderly functioning of the economy and the government. Most of these crimes contain two common elements: the intent to cheat someone and the intent to deceive or conceal the truth.
In 1970s it expanded very rapidly pursuing asset growth seeking high net deposits. Within a short span, by the end of 1976, BCCI expanded into 108 branched worldwide with asset rising from $200 million to $1.6 billion. Its steep growth helped to attain a journey of asst of $4 billion within 8 years spreading in 46 countries Kerry, S & Brown, S (1992).
Moreover, organized crime was infamous during this period for economic crimes including racketeering. In contrast organized crime would often used criminal actions including murder to enforce power over others often when a debt
Sutherland, in his speech, asserted the fact that when people are surrounding by individuals who have criminal behavior, they are more likely to get involved in criminal activities. White collar crime more often includes crimes like occupational fraud and cheating, and more
Some common types of white-collar crimes include embezzlement, bankruptcy fraud, corruption, black mailing, bribery, counterfeiting, pension fund crime, charity fund crime, financial crimes and occupational crimes. White-collar crimes are not violent, but their
A clear understanding is drawn from systematic review of various primary sources.
Edwin Sutherland first analyzed white-collar crime in 1939 where he analyzed an understanding of the relationship of business and crime. However, white-collar crime is criticized for