The Third Eye News, events and happenings

And based on the numerous investigations

December 29, 2014

Why Not Use an Electronic Version on Potentially Corrupt Bank CEOs

canada goose factory sale Stop and Frisk is the police tactic whereby persons arousing police suspicions are stopped, questioned, searched for weapons and contraband, and arrested canada goose outlet florida if any are found. Supporters of Stop and Frisk claim this tactic has reduced crime. So why not implement an electronic version to reduce crime by financial institutions? canada goose factory sale

canada goose clearance In NYC in recent years, the number of people subjected to Stop and Frisk equaled as much as 8 percent of the population, and only about 10 percent of that group was found to be doing anything illegal. Further, even persons with no contraband can be arrested under Stop and Frisk if, for example, they refuse to be canada goose outlet searched. canada goose clearance

A general principle of common law is that: “It is better that ten guilty persons escape than that one innocent suffer.” The ratios achieved with Stop and Frisk are the reverse at most one guilty person is caught, while nine innocents suffer the indignity of being stopped. Constitution, Americans are protected from unreasonable search. Therefore, police may only conduct Stop and Frisk based on reasonable suspicion. Now, either more residents of NYC have gotten suspicious looking, or the NYC Police Department (NYPD) has become increasingly suspicious of the people it encounters. Between 2002 and 2012, the canada goose outlet toronto number of Stop and Frisks more than quadrupled, with a growth rate of over 15 percent per year. About 90 percent of the people stopped were black and Latino. So in 2011, about 12 percent of NYC’s black and Latino population was subjected to Stop and Frisk but only about 2 percent of NYC’s white population.

buy canada goose jacket Opponents have expressed doubts about the actual effectiveness of Stop and Frisk in reducing crime. NYC Mayor Bloomberg and NYPD Commissioner Kelly, however, are among its strongest proponents. They believe it prevents crime and saves lives by deterring criminals from carrying illegal weapons, making it easier to obtain convictions and preventing some crimes from occurring. Supporters argue that if you aren’t doing anything wrong, you shouldn’t object to being Stopped and Frisked. buy canada goose jacket

Canada Goose Parka NYC crime rates have declined over the course of the Bloomberg administration. However, causality (identifying what contributed most to the decline) is difficult to determine. Let’s assume, for the moment, that Stop and Frisk is actually effective as a crime fighting tactic. Doesn’t that imply we should consider using similarly aggressive techniques to fight other types of crime, such as financial crime? Canada Goose Parka

It’s estimated that the 2008 financial crisis cost over $6 trillion. In 2009 alone, it’s believed that an additional 5,000 people committed suicide due to the financial crisis and resulting unemployment. And based on the numerous investigations, guilty pleas and fines paid significant elements of the financial crisis resulted from malfeasance by senior bank officers.

canada goose store Given the serious impact of financial crime, why not subject the top officers, of the largest financial institutions, to Electronic Stop and Frisk? For these 3,000 or so people, the police/FBI/regulatory agencies would have complete access (just based on suspicion, without needing a warrant) to all their e mails (personal and corporate), all their phone calls (personal and corporate), and so on the canada goose outlet store uk electronic equivalent of a physical Stop and Frisk. canada goose store

canada goose uk black friday For example, Rajat Gupta (a member of the Board of Directors of Goldman, Sachs) was convicted of insider trading but his malfeasance was discovered only by accident. And, if these individuals have nothing to hide, they shouldn’t object to the government recording their phone calls. canada goose uk black friday

To eliminate any doubts as to legality, executives at Federally insured and supported financial institutions would sign waivers granting the government access to all their phone calls, e mails, and so on (in effect waiving their Fourth Amendment rights as a condition of their employment). Executives refusing to waive these rights would be fired (or not hired). If this seems draconian, recall that innocent New Yorkers who refuse to be Stopped and Frisked risk arrest and jail. If you canada goose outlet vip believe in the efficacy of physical Stop and Frisk, experimenting with applying Electronic Stop and Frisk to financial institutions would be a logical extension.

canada goose uk outlet Strangely, the proponents of physical Stop canada goose outlet black friday and Frisk (imposed upon ordinary citizens) haven’t advocated applying this sort of tactic to highly paid executives at financial institutions. In fact, the conservative commentators who support Stop and Frisk are often the most vociferous defenders of the rights of our richest citizens. canada goose uk outlet

Canada Goose sale So, if the civil rights of wealthy financial institution executives are sacrosanct canada goose stockists uk and non negotiable, shouldn’t that also be true for ordinary people on the streets of America’s cities? After all, this is America and we’re all equal in the eyes of the law aren’t we? Canada Goose sale

Canada Goose Online Steven Strauss is an adjunct lecturer in public policy at Harvard’s Kennedy School of Government. Immediately prior to Harvard, he was founding Managing Director of the Center for canada goose outlet england Economic Transformation at the New York City Economic Development Corporation. Steven was canada goose outlet website legit one of the NYC leads for Applied Sciences NYC (Mayor Bloomberg’s plan to build several new engineering and innovation centers in NYC), canada goose parka outlet NYC BigApps and many other initiatives to foster job growth, innovation and entrepreneurship. In 2010, Steven was selected as a member of the Silicon Alley 100 in NYC. in Management from Yale University, and over 20 years’ private sector work experience Canada Goose Online.

Subscribe to our Newsletter!

Get occasional updates about West 3rd St. news, events, and promotions.

Your information will never be shared with any third party.