May, 2012: In the wake of the financial crisis, Manhattan District Attorney Cyrus Vance, Jr. indicted Abacus, a modest bank that serves the Chinese American community of New York, and 19 of its employees on charges of fraud stemming from the sale of mortgages to Fannie Mae. And yet, the bank had a default rate of 0.5%, a tenth of the national rate, and it soon seemed apparent that Abacus was the target of a prosecutor eager to find a scapegoat for the larger industry collapse. For many, the bank was “small enough to jail,” as opposed to the enormous banks that avoided scandal. From director Steve James, who directed Hoop Dreams ('94), one of the most celebrated documentaries of all time, comes Abacus: Small Enough to Jail, an examination of the bank’s defense and of the Sung family, whose diligence and faith kept it afloat.
Director’s Biography
Steve James: Steve James was born in Hampton, Virginia and is widely regarded as one of the greatest documentary filmmakers of all-time. His impressive list includes Hoop Dreams ('94), Stevie ('02), At the Death House Door ('08), and Life Itself ('14), about film critic Roger Ebert. His documentary The Interrupters screened at MSPIFF2011.
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