Press Play with Madeleine Brand
How one Chinatown bank was 'small enough to jail'
In the wake of the mortgage crisis and great recession, the government bailed out big banks, but one small bank was not so lucky. Abacus Federal Savings Bank was the only bank to face criminal charges. Run by a family in New York’s Chinatown, it served low-income immigrant communities. A new documentary tells the story: “Abacus: Small Enough to Jail.” It opens in LA on June 9 at the Landmark NuArt Theater. Vera Sung, Jill Sung and Thomas Sung ran Abacus Federal Savings Bank in New York's Chinatown. They caught financial fraud being committed at their bank, reported it, and fired those involved. Then Abacus became the only bank to face criminal charges in the wake of the 2008 financial crisis. (Photo by Sean Lyness)
By Madeleine Brand • • 1 min readIn the wake of the mortgage crisis and great recession, the government bailed out big banks, but one small bank was not so lucky. Abacus Federal Savings Bank was the only bank to face criminal charges. Run by a family in New York’s Chinatown, it served low-income immigrant communities. A new documentary tells the story: “Abacus: Small Enough to Jail.” It opens in LA on June 9 at the Landmark NuArt Theater.
Vera Sung, Jill Sung and Thomas Sung ran Abacus Federal Savings Bank in New York's Chinatown. They caught financial fraud being committed at their bank,
reported it, and fired those involved. Then Abacus became the only bank to face criminal charges in the wake of the 2008 financial crisis. (Photo by Sean Lyness)
