BIG DIRTY MONEY

A scathing indictment of white-collar crime and its unpunished practitioners.

So-called street crime—robbery, burglary, etc.—costs American society about $16 billion per year, according to FBI statistics. Conversely, “white collar crime in America, such as fraud and embezzlement, costs victims an estimated $300 billion to $800 billion per year.” So observes Vermont Law School professor and legal activist Taub, who adds that, as in other aspects of life, the holders of the big ticket pretty much get away with it every time out. Even if they don’t, they get a pass, as when in February 2020 Donald Trump pardoned various perpetrators of “bribery, investment fraud, public corruption, computer hacking, an extortion cover-up, money laundering, conspiracy to defraud the federal government, obstruction of justice, mail fraud, wire fraud.” Taub adds, “No white collar crime left behind.” The laxity with which white-collar crime is treated speaks to social inequality, and the author looks deeply into cases such as that of the opioid-peddling Sackler family, who were given ample time to hide their assets offshore when caught violating federal drug laws. Even though three top officials of their Purdue Pharma pleaded guilty, none served prison time. “They are as bad as the drug pusher on the street corner or the kingpins behind the cartel,” Taub notes with appropriately righteous indignation. For their part, those caught insider trading face an essentially toothless Securities and Exchange Commission. And so on. In this steely-eyed examination of these brazen criminals, Taub holds that this lack of effective punishment merely encourages the wealthy to prey on the rest of society. Though it would be impossible and even undesirable to prosecute every one of them, “we do need to make an example of those who are the worst offenders”—especially when a “lying, cheating, megalomaniac American president” is available to issue pardons like so many doses of Oxycontin.

A significant manifesto for judicial reform that aims at cracking the cabal of big-money grifters at the top.