Spotlight: Oscar-nominated "Abacus: Small Enough to Jail" tells true story about Chinese immigrants

Source: Xinhua| 2018-03-02 20:53:24|Editor: Yurou
Video PlayerClose

by Julia Pierrepont III, Gao Shan

LOS ANGELES, March 1 (Xinhua) -- When the U.S. Academy of Motion Picture Arts and Sciences announced its nominees for its 90th Oscar awards to be given on March 4, their line-up for Best Documentary Feature included, "Abacus: Small Enough to Jail."

It's a film about a tiny Chinese-American community bank indicted for fraud during the 2008 U.S. mortgage crisis that triggered a financial crisis worldwide.

The Academy Award-winning director, Steve James, best known for "Hoop Dreams," told Xinhua in a recent exclusive interview, "I gravitated toward documentaries because I wanted to tell stories, but I wanted to tell true stories about people in pivotal situations, at a crossroads in their lives. This is such a story."

This small story has had big impact. It won Best Documentary from the Critics Choice and the National Board of Review Awards. Movie City News called it "one of the best documentaries in recent years," while The Hollywood Reporter asserted it was "both an affirmation and an indictment of the American Dream."

In 2012, in the aftermath of the crippling 2008 mortgage crisis that sent the United States and world economies into a devastating tailspin for half a decade, New York District Attorney Cyrus Vance filed multiple charges of fraud against Abacus Federal Savings Bank, a small, privately-owned bank that served New York's Chinatown community.

The ordeal began when Jill Sung, CEO of the bank founded by her father, Thomas Sung, noticed an anomaly in the bank's loan department and discovered one of the bank's lower-level employees had been falsifying mortgage applications.

Did they cover it up and skate with a simple fine like all the big banks did? No. They immediately reported it to the banking authorities and fired the employee. What happened next is what director James calls, "a wrongful persecution" and "an unequal application of justice."

Despite Sung's blowing the whistle on their employee's illicit activities and firing him the same day it was discovered, the bank itself became the target of a federal investigation into mortgage fraud.

"Big banks that engaged in damaging actions that caused so many people to lose their life savings and their homes were not punished. Yet here is a small community bank doing what banks are supposed to do -- lend to their community -- and this is the only one indicted," said James.

"That was mind-boggling to me," said the film's producer, Mark Mitten. "Because no other bank had been indicted, and knowing it was just a small community bank, the 2651st largest bank in America, with one of the lowest default rates on record, it was a head-scratcher. Why them?"

During the early 2000s, in the largely unregulated subprime mortgage industry, the biggest banks in America, like Citibank, Goldman Sachs, JP Morgan, Chase, Lehman Brothers, and many others, provided billions in risky mortgages to millions of unqualified applicants unable to afford them.

Bitter controversy arose when the U.S. government determined that the multi-million dollar banks were indeed "too big to fail." And some would complain, too big to indict, when not a single financial institution was brought to justice.

"Going after a big bank would have been a formidable undertaking for the DA's (district attorney's) office, and probably wouldn't even have come to trial yet," James said.

"So the big banks just had their wrists slapped," Mitten added. "They were fined, but never charged with felonies, after we bailed them out with 700 billion U.S. dollars of taxpayer money."

So, if the big banks were too big to indict, which ones were small enough? This is the question James and Mitten were compelled to ask in their insightful documentary.

The film shows the impact of the case on the Abacus bank owner, Thomas Sung, wife Hwei and their four daughters, Vera, Jill, Chanterelle and Heather.

"The Sung family is revered by the Chinese community they serve," Mitten said. "He started a bank to help people get mortgages and loans to expand their businesses when no other bank would, so he was always been looked up to."

He added, "Whenever you walked down the street with Mr. Sung, whether you met first generation, second generation, or third generation Chinese immigrants, they were all honored to know him."

When asked by Xinhua if he felt Sung and his daughters were singled out because of their ethnicity, the director said, "I want to believe it was (the DA's) sincere belief that fraud reached up into the highest levels of the bank, but what clouded his judgment was a belief that there was an opportunity ... to be a heroic DA and be the only one to bring a bank connected with the mortgage crisis to its knees."

"This was the perfect type of banking community for Cyrus to target, because he wouldn't have any concerns about political fallout. It's well known in New York that the Chinese immigrant community is not very politically engaged," James said.

"The DA thought they would be submissive because (the Chinese) don't stand up for themselves and wouldn't have the resources to fight back," Mitten said.

But, Sung and his family, determined to prove their innocence, decided to fight back. Sung told the press, "From a social justice point of view, it is our belief that our case should be an awakening call to the community that there are injustices in our society, even though we profess to be fair, democratic and just."

James was moved by the Sung family's plight when he met them. "Their decision to fight back, to save their bank and save their family name was inspiring. They were just such a compelling family: courageous, principled, funny and lively -- ideal subjects to follow."

"It cost (the Sung's) 10 million dollars and 5 years of their lives plus the toll it took on the family and particularly how Thomas aged over that time," he said.

"Now that it turned out the way it did, you can see a very different spirit about them," James told Xinhua. "There is a huge sense of relief, and joy."

The filmmakers have plans to distribute the film theatrically and via streaming online in China.

James visited China in 2009 as a VIP guest of the Beijing Film Academy at their International Documentary Conference in Beijing. "It was a great trip. Our hosts were lovely and we had some really great Master Classes for Chinese documentarians and students who wanted to get into the field."

He added, "There is such a rich tradition of filmmaking in China and the Beijing Film Academy is such a fertile birthplace for a lot of incredible filmmakers, including some incredible documentaries set in China that tell extraordinary stories that are highly regarded in this country, whether they are nominated for Oscars or not."

"It's important that everybody worldwide knows what happened. How the Sung's fought back, and how they won," Mitten said.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001370116401
大发彩票 大发app 凤凰彩票app 乐发iv游戏平台 凤凰彩票大厅 乐发彩票 乐发彩票app下载 大发彩票 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 凤凰彩票大厅 乐发官网 乐发ii下载入口 乐发ll 乐发v平台 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 乐发lv 乐发lll安装 乐发lv 乐发登录入口 乐发iv游戏平台 凤凰彩票登录 网信彩票 彩神 彩神彩票官方网站 彩神彩票官网首页 彩神官方app下载安卓版 凤凰彩票登录 彩神v3 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 快3官网 网信彩票 快3app 网信彩票平台 百姓彩票平台 网信平台官网 快3app下载 百姓彩票 每日彩票 快3app 百姓彩票 每日彩票 快3app 百姓彩票平台 幸运5分彩快3 快3彩票app下载 百姓彩票网站网址 大发10分PK10 快3下载 网信彩票平台 网信平台官网 快3彩票官网app 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 大发彩票app下载 百姓彩票网站网址 彩神购彩平台 每日彩票 官方正规快三彩票平台 彩神彩票购彩平台 百姓彩票 凤凰彩票购彩平台 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 凤凰彩票登录 乐发lv 乐发∨Il 百姓彩票网站网址 乐发彩票 乐发彩票官方网站 乐发lll安装 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 一分快3 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 乐发lll 乐发ii下载入口 乐发彩票官方网站 凤凰彩票官方网站 凤凰快3 彩神彩票官网首页 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 凤凰彩票app 乐发app 网信彩票平台 网信彩票平台 乐发iv游戏平台 凤凰彩票app 乐发lv 乐发彩票app下载 凤凰彩票app 网信彩票平台 乐发彩票app下载 乐发lv 乐发app 大发彩票安卓下载 大发彩票安卓下载 大发彩票 乐发彩票app下载 网信彩票平台 乐发iv游戏平台 彩神彩票 乐发彩票中心 极速快3彩票平台 人人快三凤凰 大发彩票app 大发彩票大全 乐发彩票 彩神彩票官方网站 乐发app 酷天堂彩票平台 凤凰彩票app下载 凤凰彩票大厅 凤凰彩票app 极速快3彩票平台 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 大发彩票app 网信彩票用户 百姓快三 百姓彩票平台 乐发lv 乐发彩票app下载 彩信平台 网信彩票 乐发彩票官方网站 乐发∨Il 人人快三凤凰 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 人人快三凤凰 乐发彩票 彩神彩票 乐发iv游戏平台 乐发彩票 大发彩票中心 凤凰彩票登录 凤凰彩票app 彩神彩票 大发彩票 乐发ll 大发彩票app 凤凰快3 凤凰彩票 彩神彩票 乐发ll 凤凰彩票 乐发lll 凤凰彩票大厅 网信彩票 彩神彩票 乐发lv 快盈彩票 乐发彩票官方网站 盈彩网投资平台 大发官网 一分时时彩 乐发lv 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 彩神iv 大发彩票app 大小单双平台 一分pk10 乐发lv 快盈彩票 乐发官网 快彩彩票 百姓彩票 凤凰彩票大厅 网信彩票 乐发彩票中心 网信快3 乐发 彩神xl 三分快3 大发彩票 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 乐发彩票官方网站 大发彩票 乐发 分分快3 彩神vl 55世纪 55世纪 凤凰快3 乐发彩票 乐发lv welcome凤凰彩票 乐发ll 1分快3 彩神 彩神ll 1分快3官网 1分快3的平台 welcome凤凰彩票 三分快3 彩神x 彩神vl 凤凰彩票 彩神xl 大发彩票 凤凰彩票大厅 乐发官网 乐发ll 乐发lll 乐发lv 大发彩票app 大发彩票 乐发 乐发彩票 乐发彩票中心 凤凰快3 乐发彩票 彩神xl 腾讯快3 大发彩票 彩神xl 大发彩票 乐发彩票 大发彩票app 快3平台 乐发 1分快3 乐发彩票 彩神x 凤凰快3 彩神xl 彩吧助手 大发彩票app 快3平台 大发排列3 彩神iv 彩神vl 乐发IV 彩神x 一分pk10 大发排列3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 一分pk10 凤凰彩票 乐发Vll 大发官网 乐发ll 大发彩票 乐发1 凤凰快3 彩神vl 乐发lx 百姓彩票 乐发VI 彩神x 乐发IV 极速快3 乐发 凤凰快3 网信快3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 凤凰彩票大厅 乐发lv 乐发lv 乐发lv 凤凰彩票 大发彩票 大发彩票 凤凰彩票 乐发lv 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 彩神x 乐发 乐发ll 极速快3 乐发lv 乐发彩票中心 快3彩票 凤凰彩票大厅 彩神x 凤凰彩票app 分分快3 网信彩票 网盟彩票 凤凰彩票 百姓彩票 乐发 快彩彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 极速快3 乐发ll 网信彩票 乐发lv 全民彩票 凤凰彩票app下载 快盈彩票 大发彩票app 大发官网 凤凰彩票 彩神iv 大发彩票 网信快3 凤凰彩票 百姓彩票