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How Much Does Corporate Crime Cost Each Year?
Though academic studies have placed the costs in the range
of $300 or $400 billion a year, the federal government keeps no official
stats, so we really don't know.
The FBI, however, does track the cost of street crimes, like robbery,
burglary, theft and arson. These cost America about $18 billion a year
- less than one-third of the estimated $60 billion that Enron alone cost
investors, workers and pensioners. We can only imagine the cost of all
the accounting, securities and financial services crimes that have rocked
the economy over the last two years.
The FBI also does not compile statistics on food safety violations, product
safety violations, workplace safety violations, environmental pollution
and countless other crimes that kill, injure and sicken millions of Americans
each year. We know, thanks to the FBI, that the murder rate is about 16,000
a year. But estimates put the number of workplace-related deaths at 34,000
to 66,000 a year.
With the help of good, comprehensive data about the costs of corporate
crime, we could gain a better understanding of the problem, which is the
first step to solving it.
News
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Take Action!
| The Costs of Corporate Crime |
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Financial Costs
- Accounting Fraud
- Securities Fraud
- Healthcare/Medicare Fraud
- Antitrust/Price-fixing
- Tax Cheating (Tax Shelters)
Health/Safety Costs
- Workplace Deaths
- Injuries/Deaths from Faulty Products
- Foodborne Illnesses and Deaths
- Environmental Pollution (Water, Air, Etc.)
Political Costs
- Campaign Finance Violations/
Political Corruption
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What Our Leaders are Saying About Corporate Crime
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