![]() The most appalling and shocking thing to us was that we actually thought we were doing the right thing. The sisters notified authorities, but were surprised when the investigation turned to them. Back in 2009, Jill and Vera Sung, who now run the bank with their father, discovered evidence that several of their employees were committing fraud. The bank specializes in loaning to residents of Chinatown, most of whom are immigrants. In a new documentary film, “ Abacus: Small Enough to Jail,” filmmaker Steve James tells the story of the Sungs, the family of a now 82-year-old Chinese immigrant named Thomas Sung who started Abacus in 1984.Ībacus is the 2,531st largest bank in the country, with assets that are a mere 1/100th of one percent that of Bank of America. This review was originally published as part of our TIFF 2017 coverage.In 2010, the New York District Attorney’s office charged Abacus Federal Savings Bank of Chinatown, New York with mortgage fraud.Ībacus became the only bank prosecuted for the financial crisis. ![]() ![]() And when that system goes wrong, the higher-ups start looking for a scapegoat. This film is a poignant intersection of the kind of systemic injustice that is birthed from government officials in bed with financial institutions. Further, when a juror explains that she felt a, “Broader responsibility to make an example” of the family bank, you begin to feel that Abacus was simply an easier target than Lehman Brothers or Deutsche Bank. When a dozen members of the bank are arraigned in a chain-gang style march for the cameras, you start to feel as if Abacus was chosen because it is run by Chinese people for Chinese immigrants. Then Fannie Mae levied 240 felony counts against the bank.įrom here, the film explores the questionable tactics and reasoning behind this prosecution, and the exploitative nature of the entire operation. In the resulting legal fallout (because many loan applicants did not receive their money), Abacus was forthcoming with all documents, and cooperated with all officials. One Friday, when Jill Sung learned that one of her loan officers was acting this way, she fired him by Monday. The case revolves around an insufferable loan officer who was following the Financial Crisis playbook to a T: encourage loan applicants to lie about their income and or employment position in order to obfuscate their financial situation, and then sell that loan to Fannie Mae. Courtroom drawings are used to liven up some of the testimony, which gives the film an appreciable amount of color and warmth. Hence, Abacus is an important part of this community, as it gives this cash-rich, credit-poor population access to high-quality financial products like savings accounts, safety deposit boxes, and loans – including mortgages.īut Steve James’s ABACUS: Small Enough to Jail isn’t simply a documentary on a successful community bank, because Abacus Federal Savings Banks holds the ignominious distinction of being the only US bank charged with mortgage fraud following the late 2000s Financial Crisis.ĪBACUS: Small Enough to Jail documents the absurdity of the trial against Abacus by interweaving interviews with defendants, prosecutors, and even jurors. The bank, with his daughters Jill (President & CEO) and Vera (Director), serves a clientele composed primarily of local small-business owners of Chinese descent, many first-generation Americans or direct immigrants. Thomas Sung owns and operates Abacus Federal Savings Bank in New York’s Chinatown. ![]()
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