![]() ![]() Seeking a halo as the sole public avenger of the crisis, Vance charged Abacus with 80 counts of criminal wrongdoing, launching a court battle that ran five years and cost $10 million. Charles Schumer, saw a chance for headlines and photo ops. ![]() Cyrus Vance Jr., who was as hungry for publicity as NY's Sen. Unfortunately for Abacus, new-minted New York D.A. Villains included Citibank, Merrill Lynch, Goldman Sachs, Wells Fargo, Fannie Mae and Freddie Mac, and while some were fined, no one went to jail and most bonuses were paid as usual. The subprime- mortgage crisis was big news: until then, few Americans used the word 'trillion' for anything but the national debt or the distance from here to Alpha Centauri. Then about a decade ago low-ranking Abacus personnel were caught falsifying mortgage applications they were immediately sacked and their misdeeds reported to feds, as required. He was a genuine positive force among the Chinese population, admired and respected by all. His timing was perfect: new immigration laws in the 1960s meant Chinatown soon had a] plenty of customers for Abacus and b] something besides Cantonese restaurants. Nevertheless he noticed that 'establishment' banks were happy to take his deposits, but when it came to getting a loan, he didn't, as the saying went in the hateful days of the racist Exclusion Act, 'have a Chinaman's chance.' Sung then took a chance and started his own bank-Abacus Federal Savings. As follows: Tom Sung emigrated from China at 16 and became in time a citizen, a successful lawyer and a resident of upscale Connecticut. Goliath documentary of family loyalty and stubborn courage facing a gigantic government agency and an ego to match. Anyone need anymore evidence that giant corporations run this country? Anyone?Ībacus: Small Enough to Jail is a suspenseful David v. (Cyrus Vance Jr.) and one of his underlings ("Polly Greenberg" iirc) are both masterful in denying any kind of prejudicial motivation in selecting and prosecuting Abacus (the case took five years and cost taxpayers ten million USD and resulted in *zero* convictions). Also shows incredible scenes such as the bank employees shackled together in a chain gang and paraded into the courthouse in front of news cameras (which by all accounts is an unheard-of practice nowadays) the Manhattan D.A. ![]() (I do wish this angle has been pursued in more depth.) Basic plot: low-level employees are fleecing home buyers into giving them cash fees and then falsifying their loan applications so they get approved by higher-ups, the government decides this is evidence of a systematic conspiracy and tries to go after the bank itself (this despite it having an extremely low default rate, which makes it strange that Fannie Mae is named the defendant in the case because overall it got much more money from this bank proportionally than from thousands of others, particularly the giant ones who not only didn't get prosecuted but actually got bailouts (courtesy of you and me)). thought this was a good place to satisfy public outrage over the Great Recession (politics and racism are hinted at but not fully explored). at the time) family bank in Chinatown New York prosecuted for financial crimes after 2008, has interviews with all the major players (bank employees/owners, prosecutors, defense attorneys, jurors, audio from witnesses, etc.) Absolutely head-scratching as to why the D.A. It is safe and secure as it is protected by encryption technology.Very well-done documentary about small (2,651st largest bank in the U.S. To start, just sign on with your banking user ID and password you use to access your accounts online. You can easily view account balances and transaction history, make check deposits, transfer funds between Abacus bank accounts and pay bills right from your mobile device. It is easy to bank right from your mobile device anytime, anywhere. Abacus iMobile is an easy, fast, secure and free* service for Abacus Federal Savings Bank customers. ![]()
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