At the height of the 2008 financial crisis, some expressed real fear that the entire economy might crash. Was the collapse of Lehman Brothers, once thought “too big to fail,” an omen? Would a housing bubble burst due to subprime mortgages?Abacus: Small Enough to Jail, opening in theatres tomorrow from PBS Distribution, takes an intriguing alternate route into the crisis by focusing on the family behind a small bank indicted for mortgage fraud. Directed by Steve James, it’s a smart, concise and deeply troubling look at winners and losers in a flawed system.When the economy did pull through, thanks in part to TARP incentives, it was time to point fingers. Who approved the mortgages that almost crippled the country? Who oversaw the sea of junk debt that passed from institution to institution?As abuses emerged, major financial concerns were fined, costs that were ultimately passed on to consumers and shareholders. Big banks who figured into the crisis could wash their hands and move on with impunity.Not so with New York City’s Abacus Federal Savings Bank, formed in 1984 by Chinese-American business leaders to serve a largely neglected community. In 2012 it became the only bank in the United States to be… Read full this story
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'Small Enough to Jail': Steve James documents the troubling fraud case against Abacus Savings Bank have 283 words, post on www.filmjournal.com at May 18, 2017. This is cached page on Drudgereport. If you want remove this page, please contact us.