Corporate Crime and Punishment - The Crisis of Underenforcement

John C. Coffee

Summary

A study and analysis of lack of enforcement against criminal actions in corporate America and what can be done to fix it. 
 
In the early 2000s, federal enforcement efforts sent white collar criminals at Enron and WorldCom to prison. But since the 2008 financial collapse, this famously hasn’t happened. Corporations have been permitted to enter into deferred prosecution agreements and avoid criminal convictions, in part due to a mistaken assumption that leniency would encourage cooperation and because enforcement agencies don’t have the funding or staff to pursue lengthy prosecutions, says distinguished Columbia Law Professor John C. Coffee. “We are moving from a system of justice for organizational crime that mixed carrots and sticks to one that is all carrots and no sticks,” he says. 
 
He offers a series of bold proposals for ensuring that corporate malfeasance can once again be punished. For example, he describes incentives that could be offered to both corporate executives to turn in their corporations and to corporations to turn in their executives, allowing prosecutors to play them off against each other. Whistleblowers should be offered cash bounties to come forward because, Coffee writes, “it is easier and cheaper to buy information than seek to discover it in adversarial proceedings.” All federal enforcement agencies should be able to hire outside counsel on a contingency fee basis, which would cost the public nothing and provide access to discovery and litigation expertise the agencies don't have. Through these and other equally controversial ideas, Coffee intends to rebalance the scales of justice. 
 
“Professor Coffee’s compelling new approach to holding fraudsters to account is indispensable reading for any lawmaker serious about deterring corporate crime.” —Robert Jackson, professor of Law, New York University, and former commissioner, Securities and Exchange Commission  
 
“A great book that more than any other recent volume deftly explains why effective prosecution of corporate senior executives largely collapsed in the post-2007–2009 stock market crash period and why this creates a crisis of underenforcement. No one is Professor Coffee’s equal in tying together causes for the crisis.” —Joel Seligman, author, historian, former law school dean, and president emeritus, University of Rochester

Available since: 08/04/2020.

Print length: 216 pages.

Other books that might interest you

Spreading Hate - The Global Rise...

Daniel Byman

The modern white power movement is now a global, transnational phenomenon.In this sweeping, authoritative account, Daniel Byman traces the key moments in the white power movement’s evolution in the United States and around the world and then details its many facets today. Using a wide range of sources, Byman explodes several myths about white power terrorism and identifies dangerous gaps in current policies.For almost two decades since 9/11, white supremacist terrorism has been relegated to a secondary concern in the US and Europe despite shocking episodes of violence from New Zealand to Norway to South Carolina. Because white power terrorists’ grievances echo mainstream debates and their violence often exacerbates polarization, their political impact can be inordinately high even if the body count is low. As Byman stresses, they are not a hidebound movement seeking to turn back the clock, but are dynamic, drawing on ideas from around the world and exploiting the most cutting-edge technologies, especially social media.White power terrorists, however, have many weaknesses. They are divided, with poor leadership, and often attract the incompetent and the criminal as well as the dangerous and deluded. If governments act decisively and treat white power terrorism with the same urgency they use to manage jihadist violence, then the threat can be reduced. This will require aggressive law enforcement, international intelligence cooperation, crackdowns by technology companies, and other forceful steps. Spreading Hate will be essential reading for anyone worried about this increasingly networked movement that threatens to grow more dangerous in the years to come.

Show book

The Political Philosophy of...

Jeffry H. Morrison

“A delight . . . rewarding insight into Washington and his times . . . and an illuminating section on the religious outlook of this American founder.” —Journal of American History George Washington is revered as the father of his country, a clever and skilled general, and a man of restrained principle—but not as a political thinker. This short introduction to Washington’s political philosophy reveals him as a thoughtful public intellectual who was well equipped to lead the young United States. Though Washington left little explicit writing on political philosophy, Jeffry Morrison examines his key writings, actions, education, and political and professional lives. He finds that Washington held closely to a trinity of foundational principles—classical republicanism, British liberalism, and Protestant Christianity—with greater fidelity than many of the other founding fathers. In unearthing Washington’s ideological growth, Morrison reveals the intellectual heritage of his political thought and shows how these beliefs motivated him to action. This insightful, concise story makes clearer the complexities of the revolutionary era and shows how the first president’s political ideas shaped governmental institutions and instantiated the nation’s foundational principles. “Those who accept the ‘dumb general’ caricature should be chastened by Morrison’s elegant and concise sampling of Washington’s writings . . . This work deserves to be studied and debated by political scientists, historians, and public intellectuals concerned with America’s fundamental political principles and those of liberal democracy.” —Review of Politics

Show book

The Shriver Report - A Woman's...

Maria Shriver, Progress The...

Facts, figures, and essays on women and poverty by Barbara Ehrenreich, Kirsten Gillibrand, LeBron James, and other high-profile contributors. Fifty years after President Lyndon B. Johnson called for a War on Poverty and enlisted Sargent Shriver to oversee it, the most important social issue of our day is once again the dire economic straits of millions of Americans. One in three live in poverty or teeter on the brink—and seventy million are women and the children who depend on them. The fragile economic status of millions of American women is the shameful secret of the modern era—yet these women are also our greatest hope for change, and our nation’s greatest undervalued asset. The Shriver Report: A Woman’s Nation Pushes Back from the Brink asks—and answers—big questions. Why are millions of women financially vulnerable when others have made such great progress? Why are millions of women struggling to make ends meet even though they are hard at work? What is it about our nation—government, business, family, and even women themselves—that drives women to the financial brink? And what is at stake? To forge a path forward, this book brings together a power-packed roster of big thinkers and talented contributors, in a volume that combines academic research, personal reflections, authentic photojournalism, groundbreaking poll results, and insights from frontline workers; political, religious, and business leaders; and major celebrities—all focused on a single issue of national importance: women and the economy. “A startling wake-up call for policymakers and anyone hoping to survive a culture that siphons wealth upward to a very powerful few.” —Booklist Contributors include: Carol Gilligan, PhD * Barbara Ehrenreich * Beyoncé Knowles-Carter * LeBron James * Anne-Marie Slaughter * Kirsten Gillibrand * Hillary Rodham Clinton * Tory Burch * Sister Joan Chittister * Arne Duncan * Kathleen Sibelius * Howard Schultz * and more!

Show book

Capitalism's Crisis Deepens -...

Richard D. Wolff

“The leading socialist economist in the country” explores the roots of the Great Recession and its immense impact on working people (Cornel West).   While most mainstream commentators view the crisis that provoked the Great Recession as having passed, these essays from Richard Wolff paint a far less rosy picture. Drawing attention to the extreme downturn in most of capitalism’s old centers, the unequal growth in its new centers, and the resurgence of a global speculative bubble, Wolff—in his uniquely accessible style—makes the case that the crisis should be grasped not as a passing moment, but as an evolving stage in capitalism’s history.  Praise for Richard Wolff and Democracy at Work   “Probably America’s most prominent Marxist economist.” —The New York Times Magazine   “Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky   “Wolff offers a rich and much-needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this with anything but an acute appreciation of what is needed to get us out of this mess.” —Stanley Aronowitz   “Bold, thoughtful, transformative—a powerful and challenging vision that takes us beyond both corporate capitalism and state socialism. Richard Wolff at his best!” —Gar Alperovitz

Show book

Marx in Motion - A New...

Thomas Nail

Karl Marx is the most historically foundational and systematic critic of capitalism to date, and the years since the 2008 financial crisis have witnessed a rebirth of his popular appeal. In a world of rising income inequality, right-wing nationalisms, and global climate change, people are again looking to the father of modern socialism for answers.As this book argues, every era since Marx's death has reinvented him to fit its needs. There is not one Marx forever and for all time. There are a thousand Marxes. As Thomas Nail contends, one of the most significant contributions of Marx's work is that it treats theory itself as a historical practice. Reading Marx is not just an interpretative activity but a creative one. As our historical conditions change, so do the kinds of questions we pose and the kinds of answers we find in Marx's writing.This book is a return to the writings of Karl Marx, including his under-appreciated dissertation, through the lens of the pressing philosophical and political problems of our time: ecological crisis, gender inequality, colonialism, and global mobility. However, the aim of this book is not to make Marxism relevant by "applying" it to contemporary issues. Instead, Marx in Motion, the first new materialist interpretation of Marx's work, treats Capital as if it were already a response to the present.

Show book

The Toddler in Chief - What...

Daniel W. Drezner

Every president faces criticism and caricature. Donald Trump, however, is unique in that he is routinely characterized in ways more suitable for a toddler. What's more, it is not just Democrats, pundits, or protestors who compare the president to a child; Trump's staffers, subordinates, and allies on Capitol Hill also describe Trump like a small, badly behaved preschooler.In April 2017, Daniel W. Drezner began curating every example he could find of a Trump ally describing the president like a toddler. So far, he's collected more than one thousand tweets—a rate of more than one a day. In The Toddler-in-Chief, Drezner draws on these examples to take listeners through the different dimensions of Trump's infantile behavior, from temper tantrums to poor impulse control to the possibility that the President has had too much screen time. How much damage can really be done by a giant man-baby? Quite a lot, Drezner argues, due to the winnowing away of presidential checks and balances over the past fifty years. In this book, Drezner follows his theme—the specific ways in which sharing some of the traits of a toddler makes a person ill-suited to the presidency—to show the lasting, deleterious impact the Trump administration will have on American foreign policy and democracy.

Show book