Barofsky also points out that there was never any general prosecution of widespread subprime mortgages and collateralized debt obligations, done to maximize profit without regard to risk, despite their much bigger impact on society and economy compared to Abacus Bank's lending practices.Ībacus received generally positive reviews from critics. Neil Barofsky, former Special United States Treasury Department Inspector General overseeing the Troubled Assets Relief Program (TARP), notes that many Abacus borrowers and loan officers may have misrepresented loan applications, which technically constitutes a crime, but nonetheless the loans had a very low rate of default, unlike typical mortgage fraudsters that have no intent of repaying a loan.
Abacus federal savings bank v. new york full#
The documentary also sheds light upon many Chinese American business dealings, such as cash-only shops and restaurants that do not report full income to the IRS, parents giving "gifts" to their children in lieu of loans, and the distinction between a person or entity's legal name versus the colloquial or personal name. The documentary also features some history on Abacus, inter-cut with scenes from It's a Wonderful Life-a source of founder/chairman Thomas Sung's inspiration as he founded the institution and steered it through a bank run in 2003. and his staff, and defense lawyers Kevin Puvalowski and Rusty Wing. The documentary features interviews with the Sung family and other past and present Abacus employees, New York County District Attorney Cyrus Vance Jr. The film was nominated for Best Documentary Feature at the 90th Academy Awards.
Abacus federal savings bank v. new york series#
It aired on the PBS documentary series Frontline in 2017 Īnd is available for online streaming at no charge. The film premiered at the 2016 Toronto International Film Festival, where it was first runner-up for the People's Choice Award in the documentary category. The film centers on the Abacus Federal Savings Bank, a family-owned community bank situated in Manhattan's Chinatown in New York City which, because it was deemed "small enough to jail" rather than " too big to fail", became the only financial institution to actually face criminal charges following the subprime mortgage crisis. Abacus: Small Enough to Jail is a 2016 American documentary film directed by Steve James.
0 kommentar(er)
