This Academy Award-nominated documentary, directed by Steve James (Hoop Dreams), tells the little-known story of the only U.S. bank prosecuted in relation to the 2008 financial crisis. (Aired 2017)
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In “Abacus: Small Enough to Jail,” acclaimed director Steve James tells the saga of the Sungs, a Chinese-American family who own and operate Abacus Federal Savings Bank in New York’s Chinatown.
In 2009, the Sungs fired a loan officer after they discovered fraud. They reported the fraud to law enforcement, but soon found themselves and the bank under scrutiny. Two and half years later, Abacus Federal Savings Bank and two senior officers were accused of mortgage fraud by the Manhattan District Attorney’s Office, making it the only U.S. bank prosecuted in relation to the 2008 financial crash and the first bank indicted in New York since 1991.
Nominated for an Oscar in the Best Documentary Feature category in 2018, the documentary follows how the indictment and subsequent trial forced the Sung family to defend themselves — and their bank’s legacy in the Chinatown community — over the course of a five-year legal battle.
Explore additional reporting on “Abacus: Small Enough to Jail” on our website:
https://www.pbs.org/wgbh/frontline/documentary/abacus/
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Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
CHAPTERS:
Prologue – 00:00
“Too Big to Fail Turns Into Small Enough to Jail” – 4:07
Manhattan DA’s Office Investigates Abacus Federal Savings Bank – 10:32
The Trial of Abacus Federal Savings Bank – 23:35
The NY Chinatown Community’s Bank in Court – 38:50
The Sung Family – 47:10
The Case Against Abacus Federal Savings Bank – 57:50
Waiting for the Jury’s Verdict – 1:09:21
Credits – 1:21:56
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The ADA was seething and just could not acknowledge they were innocent. Cyrus Vance Jr goes after these people but let's Harvey Weinstein walk. Don't get me going on the big banks misdeeds.
The government sucks for this shit!
🕊🌎🕊🕊sharing🫂thankYOU
I got to admit, I came into this biased against them, but this was so convincing I switched to their side. The fired thief as a star witness, the chain gang (esp if you race swap it to black as stated in the vid), the 7/1000 stat. This is feels like big institutions paying people off to throw a someone under the bus to take heat off their corrupt practices with a sprinkle of a prosecutor/DA that don't want to lose a case.
I had great respect for Vance – My humble apologies. I hope the bank continues to thrive supporting its unique community.
That one white blonde woman juror has super white teeth.
I want to say something but I'm speechless
Sad is how the DA justifies their action, tries to say they are treating all fairly, but only goes after small bankers and big bankers are let off the hook. Talk about a duel legal system. One Rich and one poor/middle class legal system. DA is criminal
Somebody needs to pay and it certainly won't be those protected by "white supremacy". If a Black family had a bank, they would have been the scapegoat.
I wish they let a black bank do this for black people.
Make $20k a year and get approved for a $800k home loan… 😮
THIS IS SO SIMILAR to obstruction, fraud, retaliation hate against my spouse and I.
Very difficult when DA, etc. fail their duty and may even be culpable.
Eff you justice department you only jail Chinese! Why were all the Bank America, Wells Fargo Leiman Brothers not prosecuted? So racist and repressive of the weak!
Omg they put them in chain.
How about a gawd damn apology?!
Talk about bias and disenfranchising an entire community. Smdh. America never seems to surprise me
I was glad to see them found not guilty, especially when I was in the industry and witnessed the fraud first hand.
Shame on the government and these crooked people treating these good honest China's family of Abacus, me seing this i can see thie crookedness of the government's….Shame shame on the legal system. You can tell these Chinese people were honorable!! This is proof or government was crooked for a long time. This makes me sick.
They need to sue the government officials they were vendicated!
You know it had nothing to do with the size of the entity. Do you think it was racist attack? The real criminals from Lehman and BS stole billions and walked away with not even a slap on the wrist.
This is just a very small example of how hard it is to be Asian. No one knows because they don't complaint. They have been taken shit all their lives.
Ah, memories. Do you guys remember when Donnie sexually assaulted that straight white guy in a bar by shoving his hand down his pants and making him smell it? Yeah, good times. How about when Don slandered thousands of conservatives, spewed fake news and knowingly lied about them? Or slandered and defamed a sitting President? Wonderful memories…wonderful.