abacus bank chinatown new york

abacus bank chinatown new york

Because the great majority of people who are victimized by the justice system are poor--unlike the Sungs--and incapable of effectively defending themselves. There is much anger at the NY District Attorney's office, on behalf of the Sungs. In 2012, Abacus Federal Savings Bank (國寶銀行) was indicted on charges of fraud in relation to hundreds of millions of dollars’ worth of mortgages that had been sold to … He wanted to have the first word out to the media, that’s why I felt they didn’t give us advance notice.”Sung is not engaging in hyperbole when she talks about “a show.” The most gasp-inducing sequence in James’ film is the “perp walk” of those indicted, with former Abacus employees marched through the Manhattan Criminal Courthouse in front of the New York media. A new documentary, Abacus: Small … This post was published on the now-closed HuffPost Contributor platform. Integrity and honesty have always been of utmost importance in our family. “In his indictment he talks about how this is the first bank to be indicted, and he links it to the mortgage crisis, which is ridiculous, because Abacus refused to get into all the credit default swaps that were going on.”Abacus’ troubles began in 2009, when a loan officer with the bank was accused of stealing money from a mortgage closing. Abacus Bank will provide different workshops and seminars for non-profit organizations, associations, senior centers and … Please use our new Branch Call Center which has live customer service representatives. Most have found their footing in cash economy jobs.”What this meant in particular was that many of the Abacus mortgage applications contained income figures the DA considered fraudulently inflated, but were actually based on cash the applicants did have, but had not reported to the IRS. All Rights Reserved. All rights reserved. Please contact the business directly to confirm its most current status. It has given us the ability to share this story with far more people than we had ever hoped or imagined. If you need to flag this entry as abusive, We made it easy for you to exercise your right to vote!Part of HuffPost News. I would like to think that the film gives them pause, and makes them think about the decisions they made in going after Abacus.

Abacus is a small bank with a major presence in New York City’s Chinese community, providing mortgages to many recent immigrants who live in … But it’s hard to look at that and not see the profound insensitivity.”Whether or not racism was involved in the Abacus case, it is obvious that a certain amount of cultural insensitivity and misunderstanding definitely was. It is now all of our responsibility to ensure that cases like this unites and strengthens us as a community.We believe that our community has achieved a lot of successes and we should be very proud of all our collective achievements. A new documentary, The only financial institution indicted on criminal charges following the 2008 economic meltdown was a family-owned bank with six branches based in The film, which opens May 19 in New York followed by a national rollout, tells a tale of cultural misunderstanding compounded by possible racism and prosecutorial overreach.

But that wasn’t the case for a small, family-owned bank tucked inside Chinatown in New York City. The only U.S. bank prosecuted after the 2008 financial crisis was a tiny, family-owned bank in the heart of Manhattan’s Chinatown. And I thought ‘this is how far they are taking things.’ They were willing to take things to the extreme.”“There are certainly plenty of people who felt there was a racist aspect” to the perp walk, says James. Please use our new Branch Call Center which has live customer service representatives.Please contact Boya Li, Marketing Manager, for all press-related inquiries at If you are an online Banking customer, please log in to Abacus Federal Savings online banking to send a secure email.Copyright © 2020 ABACUS FEDERAL SAVINGS BANK. We heard many stories of how these people were woken up as early as 6AM in the morning with loud banging on their doors by DA’s Office investigators and forcefully “asked” to come to the DA’s Office for interrogation.During trial preparation, the DA’s Office was required to submit a tape recording of one of their investigators interrogating one of the indicted employees, threatening her with her immigration status and separation from her grandchildren, despite her denying over and over again of any wrongdoing.One of our sage friends puts it more bluntly - the question for the DA’s Office is: did you treat us in the same way you treated non-minority banks, and what about those large banks who even admitted they committed crimes?Yes. 'Abacus': The Small Chinatown Bank That Paid A High Price In Abacus: Too Small To Jail, Steve James, who made Hoop Dreams, tells the story of a very small bank … The Steve James documentary centered on the Abacus Federal Savings Bank, a family-owned community bank in New York’s Chinatown which became the only financial institution to face criminal charges during the 2008 financial crisis, as they were deemed “small enough to jail” rather than the infamous “too big to fail” ruling. Participant Abacus, Justin Lin-Directed Adaptation docu Sung Family Chinatown Bankers Only Bank To Face Criminal Charges 2008 Collapse That puts greater responsibility on those who can fight back, be they courageous family's like the Sungs, or filmmakers and journalists calling attention these stories in a way that might lead to policy changes.

The only U.S. bank prosecuted after the 2008 financial crisis was a tiny, family-owned bank in the heart of Manhattan’s Chinatown. But that wasn’t the case for a small, family-owned bank tucked inside Chinatown in New York City. “I realized this was political, this was going to be a show,” she says. All rights reserved.Important conversations are happening now. Part of HuffPost News. We have to remember that we are all part of a community. ©2020 Verizon Media. In this respect, they were like many other immigrant communities.“This is not unusual, historically or otherwise,” says James. Branch hours are temporary changed to support our continued efforts to keep our customers and employees safe during this challenging time.

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abacus bank chinatown new york 2020