On September 29, 2008, the Dow Jones Industrial Average plunged an astounding 777.68 points. It's the largest drop for a single day, ever and came as a direct result of Congress rejecting a bank bailout bill. The economy was tossed into chaos and some of America's largest banks were found to be practicing less than honest policies.
The country erupted in an almost universal call to bring to justice some of the leaders of the banks that were found to be the guiltiest. It was anticipated that many of those leaders would be put on trial and that many of them would end up convicted and subsequently incarcerated for a long time. Astoundingly, none of the big names served a day in prison, and the only punishment meted out would be relatively small monetary fines along the lines of steal a billion, get fined a million.
There was one exception; The Abacus Federal Savings Bank, a small family-run business in New York City's Chinatown, opened by local businessman, Thomas Sung. The Manhattan's D.A.'s office indicted the bank, and 19 of its employees. It came about as a result of Sung spotting an irregularity in the loans department which they traced to an employee who they then fired for taking bribes. The bank then advised the Securities Commission of their actions. They did everything by the book and were rewarded by an indictment.
|Movie title||Abacus: Small Enough to Jail|
|Summary||I had always heard that the government didn't go after the banks after the 2008 crash. Turns out that they went after a tiny bank in NYC's Chinatown. This Steve James documentary examines the absurdity of it.|