'The New Deal - Ensuring Integrity, Stability and Survival' - The Financial Crisis - A Perspective on Cause and Effect
Twenty-Eighth International Symposium on Economic Crime, Cambridge, England, September 6, 2010
13 Pages Posted: 7 Oct 2010 Last revised: 21 Oct 2010
Date Written: September 6, 2010
The paper contains a perspective on the cause and effect of the “Financial Crisis” from a law enforcement point of view. While the financial crisis may not have been directly caused by crime, it was aided and abetted by sophisticated economic crime. And, the crisis had the effect of revealing significant financial crimes. It is not all bad news - there are opportunities to be explored. A chance to revisit the social policy and strategic frameworks for dealing with white collar crime.
While we can hope for strong economic growth that will cause us to forget about the crisis in a few years, we should get ready for some serious belt tightening as our governments are faced with the daunting task of paying for the stimulus. We should also be prepared for taxpayers demanding that we investigate allegations of stimulus funding gone array and many more complaints from anxious investors who have lost their life savings and watched their equity all disappear. Finally, things may get a lot worse. There are many other pressures to consider such as the increased demand put on our social network caused by an aging society, a global food shortage and a western society that has never experienced going without. As we witnessed in Greece this past year, we now know that this can all lead to rioting in the streets.
Keywords: Financial Crime, White Collar Crime, Economic Crime, Financial Crisis, Mortgage Backed Securities, Asset Based Commercial Paper, Maximized Debt, Canadian Police College, RCMP, Royal Canadian Mounted Police
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