Will Thomas is an assistant professor of business law at the University of Michigan Ross School of Business, and a leading scholar on matters of corporate and white-collar crime.
New York is currently hosting two of the most high-profile fraud cases in recent memory. In state court, New York Attorney General Letitia James is suing Donald Trump, his two adult sons and the Trump Organization for years allegedly spent defrauding banks, insurances companies and tax agencies. Down the street, federal prosecutors are trying to convict Sam Bankman-Fried for allegedly perpetrating a multibillion-dollar fraud while creating a cloud of suspicion over the entire crypto industry.
The majority of contracts are honestly negotiated, property rights are generally respected, and outright deception is taken as an insult rather than the way we do things around here. Trust, not deception, is the currency of markets. Indeed, the centrality of trust to the business world is so ever-present that it’s easy to forget.
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