Abacus bank chinatown11/28/2023 Come discover the many layers of Chinatown through self-guided walking tours of historic architecture & new neighborhood murals, a Tai Chi class at the park, and a block party of Chinese vinyl classics. This family was no more likely than George Bailey to peddle synthetic collateralized debt obligations. Arts Hop with ThinkChinatown For Meet Us In Chinatown with ABNY: June 17th 4-8pm. James captures revealing and intimate conversations with the four siblings and their parents - including the mother who didn't want her husband to go into banking.Īs the Sungs discuss strategy, food, and favorite movies, the film makes a compelling argument that no matter how the trial ends, targeting Abacus was an absurdly inappropriate substitute for prosecuting the behemoths who caused the 2008 debacle. Accused of mortgage fraud by Manhattan District Attorney Cyrus R. After the indictment, two other sisters rallied to the cause. Abacus Federal Savings of Chinatown, New York. Much of the movie, however, is concerned less with the trial than the Sung family. Her recollections keep the narrative taut until what, in Frank Capra's day, was termed the final reel. He paired that with audio reenactments based on the trial transcript.Ĭinematically, the most important piece of the legal story is a juror who was inclined to vote guilty. Unable to cover the trial with cameras or recording equipment, the director sent a courtroom illustrator to capture some of the action. If they're not quite so sympathetic as the Sungs, that begins with an astounding miscalculation: After indicting the Abacus employees, authorities chained them together and paraded them for a photo-op that even Vance calls "very unfortunate." Yet he's careful to present the government's case, and to include interviews with the DA, Cyrus Vance Jr., and the lead prosecutor, Polly Greenberg. James was introduced to the story by a friend of the Sungs, and spent most of his time with the family. Yu became the chief witness for the prosecution, and the trial process lasted five years. They reported their suspicions to banking regulators, and were rewarded with the indictments. Thomas Sung even once halted a bank run with the aplomb of James Stewart's George Bailey.Ībacus' managers did eventually learn of Yu's activities, and fired him and two others. Shanghai-born but all-American, Thomas Sung is a devotee of It's a Wonderful Life, an affection James could hardly help but exploit. That includes Jill Sung and Vera Sung, the English-speaking, Connecticut-raised sisters who had inherited day-to-day operations from their father, one of the bank's founders. Also, Yu spoke a dialect that even most of his fellow Abacus employees didn't understand. His activities were hard to track, because, as the film explains, Chinatown residents are more likely to make cash transactions than the average American consumer. The problem was a loan officer, Ken Yu, who asked borrowers for bribes and falsified income statements for mortgage applications. In fact, the bank had one of the lowest default rates in the country. The Chinatown-based bank also didn't package its mortgages into the sort of financial instruments that made The Big Short's machinations so arcane. To learn more about how and for what purposes Amazon uses personal information (such as Amazon Store order history), please visit our Privacy Notice.As it happens, Abacus didn't deal in subprime. You can change your choices at any time by visiting Cookie Preferences, as described in the Cookie Notice. Click ‘Customise Cookies’ to decline these cookies, make more detailed choices, or learn more. Third parties use cookies for their purposes of displaying and measuring personalised ads, generating audience insights, and developing and improving products. This includes using first- and third-party cookies, which store or access standard device information such as a unique identifier. If you agree, we’ll also use cookies to complement your shopping experience across the Amazon stores as described in our Cookie Notice. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. We use cookies and similar tools that are necessary to enable you to make purchases, to enhance your shopping experiences and to provide our services, as detailed in our Cookie Notice.
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