How They Got Away With It

How They Got Away With It

White Collar Criminals and the Financial Meltdown

Book - 2013
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A team of scholars with backgrounds in criminology, sociology, economics, business, government regulation, and law examine the historical, social, and cultural causes of the 2008 economic crisis. Essays probe the workings of the toxic subprime loan industry, the role of external auditors, the consequences of Wall Street deregulation, the manipulations of alpha hedge fund managers, and the "Ponzi-like" culture of contemporary capitalism. They unravel modern finance's complex schematics and highlight their susceptibility to corruption, fraud, and outright racketeering. They examine the involvement of enablers, including accountants, lawyers, credit rating agencies, and regulatory workers, who failed to protect the public interest and enforce existing checks and balances. While the United States was "ground zero" of the meltdown, the financial crimes of other countries intensified the disaster. Internationally-focused essays consider bad practices in China and the European property markets and draw attention to the far-reaching consequences of transnational money laundering and tax evasion schemes. By approaching the 2008 crisis from the perspective of white collar criminology, contributors build a more general understanding of the collapse and crystallize the multiple human and institutional factors preventing capture of even the worst offenders.
Publisher: New York : Columbia University Press, [2013]
Copyright Date: ©2013
ISBN: 9780231156912
Branch Call Number: 364.168 HOW
Characteristics: xx, 361 pages :,illustrations ;,24 cm


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Jun 06, 2013

Only one individual was fired at Merrill Lynch [an honest trader, apparently the ONLY one there]; only one individual was fired at Washington Mutual for honesty [Keysha Cooper, who refused to underwrite fraudulent mortgage loans], nobody was fired for outright honesty at Goldman Sachs, Chase, Citi, Wells Fargo, Bank of America, Morgan Stanly [evidently they simply don't have any honest employees]. (To give you an idea how appropriate and current this book is, in one essay chapter they explain how the Synthetic CDO was the financial instrument used to short the housing market (both profiting from, and aiding in causing, the housing market collapse) and on the front page of the 06/04/13 Wall Street Journal, it was reported that once again the banksters are producing Synthetic CDOs [point of origin: JPMorgan Chase, of course!]!?)

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