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Abacus: Small Enough to Jail 2017 123movies

Abacus: Small Enough to Jail 2017 123movies

Jan. 06, 201788 Min.
Your rating: 0
7 1 vote

Synopsis

Watch: Abacus: Small Enough to Jail 2016 123movies, Full Movie Online – 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..
Plot: The incredible saga of the Chinese immigrant Sung family, owners of Abacus Federal Savings of Chinatown, New York. Accused of mortgage fraud by Manhattan District Attorney Cyrus R. Vance, Jr., Abacus becomes the only U.S. bank to face criminal charges in the wake of the 2008 financial crisis. The indictment and subsequent trial forces the Sung family to defend themselves – and their bank’s legacy in the Chinatown community – over the course of a five-year legal battle.
Smart Tags: #trial #prosecution #chinese #money #economics #immigrant #shanghai #chinese_immigrant #chinatown_manhattan_new_york_city #attorney #banker #banking_industry #fraud #financial_crisis #great_recession #jail #chain_gang #courtroom #courthouse #federal_prosecutor #doctor


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Ratings:

7.1/10 Votes: 2,844
93% | RottenTomatoes
73/100 | MetaCritic
N/A Votes: 61 Popularity: 4.982 | TMDB

Reviews:

What Happened to Justice?
Documentaries may be about true stories, but that doesn’t mean they can’t stir up emotional responses in the viewer. The last documentary I read, about first responders in Aleppo, Syria, made me feel anger against the callousness of governments, and sympathy for the strong and courageous men who have to deal with the consequences. This movie, too, made me rail against not just the enormous insensitivity of my own government, but also just how incompetent it seems to be.

“Abacus” is the name of a small federally chartered savings bank, with just six branches, operating in New York’s Chinatown. It was founded by a Chinese man, born in Shanghai, who immigrated to the United States as a child with his parents. He went to law school and practiced law for a while and then decided to help his native community by operating a bank that could provide credit to other Chinese immigrants who have a native mistrust of banks, government, and pretty much any institution who wants a share of their money. In addition, to operating his bank, successfully for many years, he, with his devoted wife, also raised four amazing daughters, three of which also became lawyers and the fourth, a physician. In short, this was an impressive family – smart and hardworking.

The documentary camera spends a lot of time with this family, in their offices, and frequently in Chinese restaurants eating big, and appetizing, Chinese meals. We learn that the family is close-knit, loving, and commanding a sense of humor, in addition to being smart and committed to both their family and their community.

They had to have those qualities, in order to survive an ordeal that lasted five long years and would threaten their bank, their reputations, and their freedom. Abacus Federal Savings Bank was not just the first, but the only bank in all of America that was charged and prosecuted with felony charges as a result of all the financial misbehavior that created the 2008 financial collapse of America. You have to think about that a bit. If, like me, you’ve been waiting for ten years now for leaders of America’s biggest banks (like Chase, Goldman-Sachs, Wells Fargo, and Citibank) to actually pay for the suffering they caused Americans because of the greedy deals they fraudulently packaged and promoted, then this documentary will do nothing except make you angry.

Instead of going after the banks that were ‘too big to fail’, instead, Cyrus Vance, the D.A. For the Southern District of New York, instead took the incredibly easy and cowardly approach of trying to punish a small community bank that had, at worst, committed some omissions of proper oversight over some of its employees. The Sung family, and the managers they employed, were definitely guilty of failing to adequately oversee several of their mortgage processors, because, frankly, they trusted them more than they should have. But, after five years of building a case, the assistant district attorney couldn’t connect all the dots to prove criminal intent on the part of the owners, she instead developed absurd theories based on cultural misunderstandings and career advancement goals. No doubt she had encouragement from Vance who was desperately looking for an example that would pretend to show that they were indeed doing something about the financial crisis. They found a bank that was “small enough to jail!”

I’ve been concerned for some time now about the lack of leadership in our political institutions. It seems we have embraced leaders who are not only just plain stupid, but who also are motivated by the basest of impulses. This movie does nothing to alter that opinion. I give the movie 8 stars for so effectively making me angry!

Review By: michael-young-585
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?

Review By: sfviewer123

Other Information:

Original Title Abacus: Small Enough to Jail
Release Date 2017-01-06
Release Year 2016

Original Language en
Runtime 1 hr 28 min (88 min)
Budget 0
Revenue 0
Status Released
Rated Not Rated
Genre Documentary
Director Steve James
Writer N/A
Actors Thomas Sung, Hwei Lin Sung, Cyrus Vance Jr.
Country United States
Awards Nominated for 1 Oscar. 7 wins & 12 nominations total
Production Company N/A
Website N/A


Technical Information:

Sound Mix Dolby Digital
Aspect Ratio 1.85 : 1
Camera N/A
Laboratory N/A
Film Length N/A
Negative Format N/A
Cinematographic Process N/A
Printed Film Format N/A

Abacus: Small Enough to Jail 2017 123movies
Original title Abacus: Small Enough to Jail
TMDb Rating 7 61 votes

Director

Steve James
Director

Cast

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