The U.S. Needs to Crack Down on White-Collar Crime

This has been a banner season for punishing white-collar crime. Guilty pleas by Michael Cohen, President Donald Trump’s former longtime personal lawyer, and criminal convictions and additional guilty pleas in the case of former Trump campaign chairman Paul Manafort have drawn enormous attention.

Cohen admitted to bank fraud, tax evasion and campaign finance violations. Manafort, after having been convicted of tax fraud, bank fraud and failure to file a report documenting foreign bank and financial accounts, pleaded guilty to additional federal charges. It’s fair to assume, however, that neither man’s crimes would have come to light without the scrutiny drawn by their association with Trump. How many ordinary white-collar criminals expect to be found out?