THOMAS SUNG: Back when I was a lawyer, there was no bank that was owned by Chinese and serving the Chinese.īANK COMMERCIAL: This is Chinatown, New York City─ warm, colorful, cheerful, a wonderful place for sightseeing. This association sponsored a school, and I obtained the charter from Department of Education.Īnd people in the community, older people particularly, remembers me, knows what I’ve done. I represented the association for years and years and years. This─ this─ this building with the Chinese national flag, this is the Chinese Community Center, and in there is the headquarter of Chinese Consolidated Benevolent Association.
#ABACUS FEDERAL SAVINGS BANK IMDB PRO#
There was not many Chinese lawyers, so I did a lot of pro bono work. At the age of 16, I immigrated to the United States and went to law school. Anyway, this is a very tasty noodle shop if you go in there! THOMAS SUNG: 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. They’re going to lose their charter, and it’s going to enormously impact that community. MATT TAIBBI, Journalist and Author, The Divide: If that prosecution goes through, that bank is going to go out of business. 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. THOMAS SUNG: The DA 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. But in reality, it is not that simple.ĬYRUS VANCE, Jr., District Attorney, New York County: Today, we are announcing the indictment of 19 individuals on charges including mortgage fraud, securities fraud and conspiracy, as well as the indictment of Abacus Federal Savings Bank, a federally chartered bank that has been catering to the Chinese immigrant community since 1984. THOMAS SUNG: I wish this story could end the same way as It’s a Wonderful Life.
#ABACUS FEDERAL SAVINGS BANK IMDB MOVIE#
HWEI LIN SUNG: This movie touches me so much─ the family, the friends. THOMAS SUNG: 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. Me, Giuseppe Martini, I own my own house!
THOMAS SUNG: George was lending money to the community residents to buy houses. THOMAS SUNG, Founder & Chairman, Abacus Federal Savings Bank: First time I saw It’s A Wonderful Life, I had tremendous respect for George Bailey, who is the main character.
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