Saturday, November 20, 2004
Vikramditya S. Khanna of Boston University School of Law writes in the Spring issue of Regulation that "The recent spate of alleged corporate fraud has led to calls for new corporate crime legislation. Interestingly, there are already many such laws; before the passage of the Sarbanes-Oxley Act in 2002, some 300,000 federal corporate criminal offenses were already on the books. How did so much corporate crime legislation get enacted, given the lobbying strength of corporate interests?" The article, Politics and Corporate Crime Legislation, is available here. 300,000 corporate criminal offenses--simply amazing.
UPDATE: Professor Stuart Green in a comment to this post calls the 300,000 figure a likely "urban myth." This claim is supported by the site overcriminalized.com, which cites a 1998 ABA report identifying a mere 3,000 federal crimes in Appendix C. Jack Chin