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Abacus: Small Enough to Jail

This documentary tells the story of Abacus Federal Savings of Chinatown, the only bank to be taken to court for mortgage fraud as a result of the banking crisis of 2008. It is a small, simple, but powerful story that tells the story of the toll the 5-year trial took on the family and community. It is just amazing that none of the largest and richest banks directly implicated in the sale of bad mortgage debt securities were sued. Yet this small bank, while not perfect and which took the right steps when it discovered fraud by one of its loan officers, was taken to court by the city of New York over shaky evidence and a weak case. Thumbs up for a film that tells the story of how the city couldn’t “see the forest for the trees” and wasted enormous taxpayer and Sung family dollars on a case that never should have gone to trial.

About Gary Burkholder

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