lecture 6, soc 149

lecture 6, soc 149 - Attemps to regulate and thus prevent...

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Attemps to regulate and thus prevent white collar crime Great Depression: 1929-1941? First major world wide economic disaster Brought on by many of the same issues that caused 2008 disaster Unlimited leverage Mixing of funds in banks that held deposits, did conventional loans, traded on the stock and commodity markets, issued insurance Lack of government oversight and regulation
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Response to Great depression? Regulations pased in the 1930s,1940s and 1950s to prevent such a disaster from coming again So why did it come again? What did they try and regulate?
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Glass Steagall Act Passed in 1932 and 1933 Created Federal deposit insurance corporation (FDIC) to insure bank deposits Made it illegal to have a bank that held deposits and gave loans to also trade securities and commodities Allowed the federal reserve to directly intervene in bank business via rediscounting
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only different) or RICO RICO means ‘Racketeer Influenced and Corrupt Organization’ Basically combines conspiracy with all the other white collar crimes and frauds Enhanced detection and punishment for a pattern of such acts, conducted in an organized manner Allows law enforcement to go after large scale multi
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This note was uploaded on 10/16/2010 for the course SOC 149 taught by Professor Parker during the Spring '10 term at UC Riverside.

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lecture 6, soc 149 - Attemps to regulate and thus prevent...

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