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[–] ObeyTheFist 0 points 7 points (+7|-0) ago 

"Racket" is a term used when someone offers to do a job for you... except it's a dirty job because they set it up so you need to get it done. It's like when Jimmy offered to paint your Dad's fence for $5 because it had graffiti all over it... but you knew Jimmy did that graffiti himself the day before! He said he'd punch you if you tattled, too. Jimmy could also get $5 off your Dad every week to make sure nobody graffiti's it. If Dad didn't pay, then the graffiti would show up the next day... Jimmy really is a jerk. He's also racketeering!

Mobsters and gangsters do this too, to small businesses and things like that.

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[–] SterlingItachiArcher [S] 0 points 0 points (+0|-0) ago 

Excellent!

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[–] bulgymean 1 points 4 points (+5|-1) ago 

nice place you got here... be a shame if something happened to it

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[–] awrk 0 points 3 points (+3|-0) ago 

Racketeering is conducting a racket. The archetype is the protection racket.

We tend to understand it as described by the RICO Act, which focuses on the leaders of a criminal organization, in particular their role in directing others to commit crimes associated with a racket.

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[–] brandonttech 0 points 2 points (+2|-0) ago 

Assuming that Google didn't help, none of these are ELI5 yet

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[–] daskapitalist 0 points 1 points (+1|-0) ago 

Nice post you have there. Would be a shame if someone downvoated it. Help a fellow out with an upvoat and I'll keep an eye on it for you.

That's an example of a protection racket.

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[–] NassTee 0 points 1 points (+1|-0) ago 

It's a general term encompassing lots of thing related to organized crime. Extortion, bribery, counterfeiting, various types of fraud, obstruction of justice, money laundering, and lots of other things can potentially be part of racketeering.