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Abacus: Small Enough to Jail

thomas-sung

Thomas Sung, the subject of “Abacus: Small Enough to Jail.” Photo by Sean Lyness

October 01, 2016. “Abacus: Small Enough to Jail” is a gripping account of the, under reported, trial of the Abacus Federal Savings Bank, the only bank to have faced criminal charges in the wake of the 2008 financial crises. Even though much bigger banks participated in deliberate and massive mortgage fraud, no criminal indictments were every brought against them. They were bailed out by the tax payers because they were “too big to fail.” In other words, had they failed they would have wreaked havoc on the U.S. economy. So, they got a pass. Abacus, as the film’s title suggests, was small enough to pick on as the proxy for the much bigger banking corruption that was not, and apparently could not be, punished. Read the rest of this entry