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After the 2008 financial crisis that nearly destroyed the world economy, none of the American financial institutions faced prosecutions for their shady dealings that contributed to this debacle, except one. Abacus Federal Savings Bank, a small Chinese-American bank that catered to the neglected market of their community, was indicted on fraud charges and loan falsifications. As the bank disputed these accusations, many in the mainstream news media noticed that far larger competitors appeared to have committed similar misdeeds without legal consequence; likely because they were "too big to fail." This film explores the history of Abacus and its legal battle for survival against this hypocritical, and likely racist, application of the law that seemed to determined to punish them as a scapegoat for crimes that much larger felons deserve to face.Written by
Kenneth Chisholm (email@example.com)
Excellent film about witch hunt by Manhattan D.A.'s office
Very well-done documentary about small (2,651st largest bank in the U.S. 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. thought this was a good place to satisfy public outrage over the Great Recession (politics and racism are hinted at but not fully explored). (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)).
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. (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).
Anyone need anymore evidence that giant corporations run this country? Anyone?
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