description Abacus: Small Enough to Jail Overview
The documentary Abacus explores the case of the First National Bank of Chinatown, a small Philadelphia institution prosecuted in 2010 for its role in the 2008 financial crisis. It reveals how complex financial instruments were used and misunderstood, leading to criminal charges against a bank with limited resources. The film examines the legal battle faced by the bank’s owner and highlights systemic issues within the American banking system following the economic downturn. It is relevant for those interested in finance, legal history, and investigations into corporate responsibility during periods of financial instability.
help Abacus: Small Enough to Jail FAQ
Was Abacus Federal Savings Bank located in Philadelphia?
No. The bank featured in the documentary serves New York City's Chinatown and was founded by Thomas Sung in 1984.
Why was Abacus prosecuted after the financial crisis?
Manhattan prosecutors accused the bank and employees of mortgage fraud and falsifying loan information after misconduct by individual staff members came to light. The documentary contrasts this prosecution with the absence of criminal cases against much larger banks after the 2008 crisis.
Was Abacus Federal Savings Bank convicted?
No. After a four-month trial, the bank and the remaining individual defendants were acquitted on all counts in June 2015.
Who directed Abacus: Small Enough to Jail?
Steve James directed the 2016 documentary; he is also known for Hoop Dreams. Abacus later received an Academy Award nomination for Best Documentary Feature.
explore Explore More
Similar to Abacus: Small Enough to Jail
compare_arrows Compare: The Look of Silence See all arrow_forward
Reviews & Comments
Write a Review
Be the first to review
Share your thoughts with the community and help others make better decisions.
