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.