New York Chinese School has served the community for over 100 years. She has also served as aĭirector-At-Large of ICBA’s Board since 2021. Has served as a member of the ICBA Minority Bank Council since 2011. There are over 3,000 community banks that are members of ICBA. ICBA is a national bankers’ association formed to advocate for, and support, independent community banks throughout The Bank has chosen New York Chinese School (The School) to receive this donation. announced that Independent Community Bankers of America (ICBA) has allocated $1,500 to the Bank to donate to a not-for-profit Chinese community organization of the Bank's choice. This family was no more likely than George Bailey to peddle synthetic collateralized debt obligations.Jill Sung, the President of Abacus Federal Savings Bank ("the Bank").
#JILL SUNG ABACUS FEDERAL SAVINGS BANK TRIAL#
James captures revealing and intimate conversations with the four siblings and their parents - including the mother who didn't want her husband to go into banking.Īs the Sungs discuss strategy, food, and favorite movies, the film makes a compelling argument that no matter how the trial ends, targeting Abacus was an absurdly inappropriate substitute for prosecuting the behemoths who caused the 2008 debacle. After the indictment, two other sisters rallied to the cause. Much of the movie, however, is concerned less with the trial than the Sung family. Her recollections keep the narrative taut until what, in Frank Capra's day, was termed the final reel. He paired that with audio reenactments based on the trial transcript.Ĭinematically, the most important piece of the legal story is a juror who was inclined to vote guilty. Unable to cover the trial with cameras or recording equipment, the director sent a courtroom illustrator to capture some of the action. If they're not quite so sympathetic as the Sungs, that begins with an astounding miscalculation: After indicting the Abacus employees, authorities chained them together and paraded them for a photo-op that even Vance calls "very unfortunate." Yet he's careful to present the government's case, and to include interviews with the DA, Cyrus Vance Jr., and the lead prosecutor, Polly Greenberg. James was introduced to the story by a friend of the Sungs, and spent most of his time with the family. Yu became the chief witness for the prosecution, and the trial process lasted five years. They reported their suspicions to banking regulators, and were rewarded with the indictments. Thomas Sung even once halted a bank run with the aplomb of James Stewart's George Bailey.Ībacus' managers did eventually learn of Yu's activities, and fired him and two others. Shanghai-born but all-American, Thomas Sung is a devotee of It's a Wonderful Life, an affection James could hardly help but exploit. That includes Jill Sung and Vera Sung, the English-speaking, Connecticut-raised sisters who had inherited day-to-day operations from their father, one of the bank's founders. Also, Yu spoke a dialect that even most of his fellow Abacus employees didn't understand.
His activities were hard to track, because, as the film explains, Chinatown residents are more likely to make cash transactions than the average American consumer. The problem was a loan officer, Ken Yu, who asked borrowers for bribes and falsified income statements for mortgage applications. In fact, the bank had one of the lowest default rates in the country. The Chinatown-based bank also didn't package its mortgages into the sort of financial instruments that made The Big Short's machinations so arcane. As it happens, Abacus didn't deal in subprime.
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