![]() ![]() So that's why he started the bank, because he felt that wasn't fair to the community. > He always told us stories that they were willing to take his deposits, but they weren't willing to give him credit, loans. > At that time, banks in this community had several hundred millions of dollars of Chinese deposits.Īnd I went to the bank to try to borrow money, but they do not lend money and deal with the community. ![]() The very design: beautifully bright, with the primary Chinese colors.Īnd he sees home in the soft, sweet smile of the teller. What is it about the bank that makes our man feel at home? > This is Chinatown, New York City- warm, colorful, cheerful. > Back when I was a lawyer, there was no bank that was owned by Chinese and serving the Chinese. > (singing in Chinese) ♪ ♪ > And people in the community, older people, particularly, remember me, know what I've done. This association sponsored a school, and I obtained the charter from the Department of Education. I represented the association for years and years and years. This building with the Chinese national flag, this is the Chinese Community Center, and in there is. There was not many Chinese lawyers, so I did a lot of pro bono work. Incidentally, this is a very tasty noodle shop, if you go in there.Īt the age of 16, I immigrated to the United States and went to law school, and I moved to Chinatown. (music ends) (people chattering) > When I walk around here, of course I feel very much at home. Too big to fail, you know, turns into small enough to jail, and Abacus is small enough to jail. They're going to lose their charter and it's going to enormously impact that community. > (reporter speaking Chinese) > If that prosecution goes through, that bank is going to go out of business, there's no question about it. We have evidence of conspiracy, larceny, and systemic fraud. Sung is entitled to his opinions, but in Abacus's loan department, mortgages were based upon false documentation. Made such a big parade, bringing people from Washington, all these tough law enforcement officers, and making such a big announcement that we are part of the cause of the financial crisis of 2008. If we have learned anything from the recent mortgage crisis, it's that at some point, these schemes unravel and taxpayers can be left holding the bag. > Today, we are announcing the indictment of 19 individuals on charges including mortgage fraud, securities fraud, and conspiracy.Īs well as the indictment of Abacus Federal Savings Bank, a federally chartered bank that has been catering to the Chinese immigrant community since 1984. > I wish this story could end the same way as It's a Wonderful Life. > (singing "Auld Lang Syne") > That makes me cry. > This movie touches me so much: the family, the friends. > And that's exactly the same purpose that when we started the bank, it was our motivation to help a lot of people, a lot of immigrants. > George was lending money to the community residents to buy houses. > First time I saw "It's a Wonderful Life," I had tremendous respect for George Bailey, who is the main character. > NARRATOR: Tonight on "Frontline" from Steve James, the director of "Hoop Dreams" and "The Interrupters," "Abacus: Small Enough to Jail." > It's trying for us because it's our father's legacy, and he's passed that legacy on to us. > I think Americans were upset that the security against which loans were made were often fictitious, and at Abacus, there was some truth to that, too.Īnd my girls, they're tough, smart, capable women. > NARRATOR: A family business caught up in a national crisis. We transitioned to, "Wait a minute, maybe we're the target." > At first you think that they're here to figure out what's going on for us. > NARRATOR: The little-known story about the only bank prosecuted for mortgage fraud after the financial meltdown. These defendants are charged with engaging in a systematic scheme to falsify and fabricate loan applications. ![]()
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