In recent years, banks have come under intense scrutiny for their wrongdoings in trading and financial risks. A stigma emerged against employees in the banking sector; governments and the general public immediately endorsed legal measures to ensure a financial crisis on such a scale would never occur again. However, illegal financial dealings on a smaller scale remain commonplace. Despite such public allegations and increased efforts to alleviate the problem, corporate crimes are still rampant in America. According to an article published by CNN yesterday, the last fiscal year saw more than 200 indictments and convictions of such criminals. Their crimes included money laundering, mortgage fraud and insurance fraud.
One would assume a response would include closer surveillance of suspects or a review of existing practices. Thankfully, the Federal Bureau of Investigation has hired hundreds more personnel to tackle these crimes, many of whom are investigating more than 2,600 cases pertaining to mortgage fraud. However, despite these proactive measures, the FBI has taken an unconventional stance on the issue by hiring a celebrity to deliver a PSA announcement.
Its celebrity of choice is Michael Douglas. When he played Gordon Gekko in the widely popular 1987 film “Wall Street,” his character was a strong advocate for corporate greed and illegal practice. The PSA shows a scene from the movie before Michael Douglas himself urges the public to contact the FBI if they suspect any illegal activity. Perhaps many may perceive this move as an unconventionally commercial approach, which may detract from the overall message. Douglas explains, “The movie is fiction, but the problem is real.” It is a statement that definitely won’t deter those engaging in monetary fraud, but instead offers a prime example of someone unnecessarily stating the obvious. Appealing to those in touch with popular culture may increase awareness across a wider audience, but its effectiveness as a legitimate warning is questionable.
Celebrity endorsement of a product is strategically sound. Celebrity endorsement in conjunction with an issue of such seriousness makes less sense. Making an association between FBI investigations into fraud and a movie star could result in a serious loss of credibility and inhibit measures that could actually make a difference.
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