Ah, Go Ahead No One Cares!

[The Lone Liberal]

David Callahan’ s book the Cheating Culture quotes from a recent ACFE report dealing with corporate crime. The report states that most costly frauds are committed by well-educated senior white male executives.

That should mean that a lot of CEOs, CFOs, vice-presidents and senior management types are occupying the “Club-feds” of the penal system. Well, it isn’t so. It would seem that only 25% of the corporate crimes are report to law enforcement agencies. Okay, the long arm of the law doesn’t reach out and touch someone. Surely, since the median crime cost around $4.2 million, the companies are doing everything legal to get the money back. Well, you guessed wrong again….

Would you care to guess what the approximate percent of cases that the aggrieved companies do try, through lawsuits, to recapture some of the ill-gotten booty?

[greatauntoftriplets]

1. The CEOs, CFOs, vice presidents, etc.,

are probably getting a cut. I am friendly with the accounting people at my company and get told tales (out of school, of course) about the obscene excesses the brass get away with on their expense accounts. Meanwhile, the company was too poor to give the underlings any kind of Christmas bonus -- though the muckety mucks got handsome ones. The rich get richer and the poor get poorer.