Abacus: Small Enough to Jail

Abacus: Small Enough to Jail is nominated for Best Documentary Feature at the Academy Awards. Remember that financial crisis that happened back in 2008? When the financial institutions committed financial crimes and mortgage fraud that affected an astounding number of people in America? And how not one of the banks or its employees were brought to a reckoning for what they perpetrated, much less had to face consequences for the crimes?

Ah, but there was one bank that was prosecuted: Abacus Federal Savings Bank in Manhattan’s Chinatown, New York City. This film is the story of that trial and subsequent outcome.

Thomas Sung came to America as an immigrant, as did many Chinese who settled in this case in New York City, making a community for themselves not unlike what was the norm in their villages in China. Mr. Sung was a well-educated attorney, and decided that in order to help his community, he will open a financial institution, Abacus Federal Savings Bank. (An abacus is a type of calculator that was used in China before the advent of computers.)

Unfortunately, Mr. Sung has a few employees, and one in particular, who is unethical and is seeing to it that those applying for home loans are approved even if they are not really qualified. Just like all the other banks are doing during the same time period. The difference is, Mr. Sung doesn’t know about it. When he and his daughters, Jill Sung and Vera Sung, who both work at the bank, discover it, the employee is promptly fired.

But the District Attorney’s office brings them to trial anyway, in a blatant racist move. Coincidentally, his third daughter has been working for the DA’s office and resigns when the conflict of interest becomes evident.

I thought that the filmmaker, Steve James, did a good job of explaining complicated financial matters in an engrossing manner, as well as showing the trial progress through artist drawings sketched after the fact. Mr. Sung, his wife Hwei Lin, and his daughters appear in the film, as well as people from the DA’s office, which was surprising. Guess that office hoped to vindicate themselves for actions taken.

Why should you watch this film you may ask? Just to get incensed all over again about the way financial institutions gutted the savings and foreclosed homes of people they never should have approved in the first place? Not just that. Abacus: Small Enough to Jail is a fascinating look at a part of New York City where hard working immigrants do their best to survive in a community that is perhaps more closely knit than any other you may find in America. Everyone knows everyone else here it seems, and you can’t say that for most people living in bedroom communities across America.

Still the prejudice and labeling that went down in this investigation and subsequent court trial when no other banks were prosecuted is shameful. America has a long way to go. Start with your vote.