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Answer :
Final answer:
Factors contributing to the low rates of criminal liability for white-collar criminals include the complexity of these cases, the societal power dynamic that advantages influential individuals, the intangible nature of modern banking, and regulatory failures.
Explanation:
White-collar criminals, including banking executives, are often held less criminally liable for their actions due to a variety of factors. These cases often involve complex financial transactions and regulations, which can make it difficult to prove guilt beyond a reasonable doubt.
For instance, as per FBI data, victims of traditional crimes like burglary and theft lost around $15.3 billion dollars in 2009, but in comparison, losses from Bernie Madoff's Ponzi scheme alone neared $50 billion.
Furthermore, inherent in our societal structure is a power dynamic that benefits those who wield significant influence. High-profile individuals, including corporate executives, often have access to top-tier legal counsel and possess greater resources for their defense, as evidenced by cases like that of the Wells Fargo CEO John Stumpf, who despite causing harm to thousands of people via fraudulent practices, wasn't sentenced to jail time.
Another contributing factor is the nature of modern banking itself. As famously noted by bank robber Willie Sutton, banks are perceived as 'where the money is'. In today's digital economy, money primarily exists as electronic records within bank accounts, underlining the importance of banks in the financial ecosystem. Simultaneously, might influence the perception of crimes committed within this sector as less tangible than street crime, despite the scale often being much larger.
Finally, regulatory failures often play a role as well. Regulatory bodies are tasked with identifying and addressing issues before damaging losses accrue. But as seen during the 2008-2009 recession, the inadequacy of these mechanisms also contributes to the difficulty in holding white-collar criminals accountable.
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Answer:
A very few banking executives or white-collar criminals have been held criminally liable for their actions because such criminals often possess the power to influence the decisions of the courts and at times also use their power to destroy the evidence that would work against them.
Explanation:
- Though the crimes committed by white collar criminals are way too serious than the crimes committed by common people, the white-collar criminals manage to escape the clutches of the laws by putting to use the best of their resources to try to influence the judges and other systems involved.
- These criminals have contacts with the people in power, which helps them negotiate with such people and find ways to get the accusations against them cleared.
