“It was very unfortunate, but it happened,” said Vance.īut others who were there say the move was designed to humiliate. The Manhattan District Attorney, Cyrus Vance, Jr., says there were security issues behind the decision to march the former employees through the court’s hallways in handcuffs. “Reporters in this town were treated to this extraordinary photo opportunity, this almost Stalinist looking chain gang” of Asian Americans, says journalist Matt Taibbi. In the above clip, go inside the day of the indictment, when 12 ex-employees of the bank who refused to plead guilty were arraigned, handcuffed to each other, and in the words of one of their attorneys, “herded like cattle” down courthouse hallways. In vivid detail, Abacus chronicles the Sung family’s quest to clear their names, the district attorney’s case against the bank - and how 19 of the bank’s ex-employees, largely immigrants, were treated by the justice system. Fresh off of a robust international film festival run and national theatrical release, the documentary has its national broadcast premiere tonight on FRONTLINE. That’s the question at the heart of Abacus: Small Enough to Jail, the newest film from acclaimed documentary director Steve James ( Hoop Dreams, The Interrupters). Why did Abacus face charges, while the biggest banks on Wall Street all avoided prosecution for fraud related to the sale of bad mortgages? bank to be prosecuted in relation to the financial collapse and the first bank indicted in New York since 1991. The bank’s owners, the Chinese-American Sung family, fired a loan officer - and reported the fraud to their regulators at the federal Office of Thrift Supervision.īut two-and-a-half years later, the bank was accused of mortgage fraud by the Manhattan District Attorney’s Office - making Abacus Federal Savings the only U.S. Stay tuned to see how a Chinese investor in the business of creating “unicorns” analyses a fintech startup.It’s a little-known chapter from the worst financial crisis since the Great Depression: In 2009, shortly after the housing market crashed and the markets melted down, the owners of a small community bank in New York City’s Chinatown discovered fraud within their loan department. My learning in this journey has been nothing short of incredible. Less than 10% of the total credit worthy segment (salaried professionals with stable credit history) has access to credit: 28 million credit cards for an estimated credit worthy population of 440 million. There simply isn’t enough infrastructure in the formal banking system to support the population in the most dire need of financing. The markets in India pose a similar challenge. This serves a larger purpose, true financial inclusion. While most Companies based in the United States of America piggy back on credit card companies and their back end technology, Ant financial allowed a customer to fill his mobile wallet with cash deposited at a local partner bank.
It is the world’s most valued private internet firm in April 2016, ahead of Uber, Xiaomi and Airbnb.ĭigital payments in China were 11x the size of the United States in 2016, as per McKinsey. Ant financial was a subsidiary to Alibaba till 2011, and changed its name from Alipay to Ant in 2014. In May 2016, it raised USD 4.5 billion at a valuation of USD 60 billion, on a par with UBS, Switzerland’s biggest bank. ” The largest Chinese fintech company, Ant Financial, has been valued at about US$ 70 billion in September 2016, roughly the size of Goldman Sachs. A ranking of the world’s most innovative fintech (or Financial Technology) firms gave Chinese companies four of the top five slots last year. China accounts for half of the global total of the world’s digital payments. Three quarters of the world’s global fintech (or financial technology) market is in China.
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