The Golden Age Of White Collar Crime

beSpacific 2020-02-11

HuffPost – The Highline: “…The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Even within the dwindling number of prosecutions, most are cases against low-level con artists and small-fry financial schemes. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals who worked at firms with more than 50 employees…But the rich are enjoying a golden age of impunity unprecedented in modern history. “American elites have become more brazen than they were even five years ago,” said Matthew Robinson, a professor at Appalachian State University and the author of several books on “elite deviance”— all the legal and illegal social harms caused by the wealthy. Elite deviance has become the dark matter of American life, the invisible force around which the country’s most powerful legal and political systems have set their orbit…”