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Category: News and Politics

Financial Crimes of Staggering Enormity

"...people steer away from and stigmatize Black neighbourhoods as crime-ridden streets where you might have your wallet stolen. But they aspire to move into up-scale White neighborhoods, home to white-collar criminals and `banksters,' as Thom Hartmann calls them, who might steal your life savings. Americans lost trillions during the Great Recession, which was largely triggered by financial crimes of staggering enormity. Estimated losses from white-collar crimes are believed to be between $300 and $600 billion per year, according to the FBI*. By comparison, near the height of violent crime in 1995, the FBI reported the combined costs of burglary and robbery to be $4 billion." - Ibram X. Kendi, How To Be An Antiracist.

*The numbers the FBI reports in this Forbes article are $500B for white-collar crime and $15B for personal property crime, respectively.

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