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Also, no widely accepted definition of economic crime exists because intent is so hard to prove, and in a lax regulatory environment no incentive to either, especially since unelected officials come from sectors they administer, then recycle themselves back to high-paying jobs.
Who Should Be Prosecuted?
Considering the extensive amount of fraud and harm caused, tough RICO prosecutions should be used the same as against organized crime that call for harsh sentencing penalties for the guilty.
More than ever today, the problem is endemic, the way William Black explains about the pressures on CEOs to keep up with their peers and generate impressive profits even if getting them means cooking the books and committing fraud.
He presented this paradigm in a public lecture:
-- "Corporate governance fails. Power is delegated to CEOs and collaborating members of management;
-- External controls fail through the manipulation of outside auditors and accounting firms as happened in the Enron and WorldCom frauds;
-- Rating agencies are co-opted and suborned through conflicts of interest; (and)
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