Book contents
- Myths and Misunderstandings in White-Collar Crime
- Myths and Misunderstandings in White-Collar Crime
- Copyright page
- Contents
- Acknowledgments
- Introduction
- 1 Too Much or Too Little?
- 2 Unknown Knowns
- 3 Flat Laws
- 4 Outsourcing
- 5 Gap Management
- 6 Broken Discourse
- 7 Breaking Down the Code
- 8 Consolidation and Grading
- Conclusion
- Index
5 - Gap Management
Published online by Cambridge University Press: 27 July 2023
- Myths and Misunderstandings in White-Collar Crime
- Myths and Misunderstandings in White-Collar Crime
- Copyright page
- Contents
- Acknowledgments
- Introduction
- 1 Too Much or Too Little?
- 2 Unknown Knowns
- 3 Flat Laws
- 4 Outsourcing
- 5 Gap Management
- 6 Broken Discourse
- 7 Breaking Down the Code
- 8 Consolidation and Grading
- Conclusion
- Index
Summary
It is impossible to discuss white-collar crime without delving into the 2008 subprime mortgage crisis (“2008 Financial Crisis”) and the recession it produced. The story by now is well known: In response to an extended housing bubble, bankers bundled, securitized, and marketed housing loans that were severely inflated in terms of value.1 Eventually, the bubble popped, causing housing prices to plummet and foreclosures to accelerate. Mortgage securities became toxic assets on the books of the institutions (mostly banks and insurance companies) who had purchased them. Employment and consumer markets buckled, and the government eventually bailed out the banking industry to the tune of billions of dollars while ordinary Americans lost their homes, jobs, and savings.2
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- Information
- Myths and Misunderstandings in White-Collar Crime , pp. 107 - 133Publisher: Cambridge University PressPrint publication year: 2023