Views: 29042|Replies: 30

Chinese community bank fights the US government [Copy link] 中文

Rank: 5Rank: 5

Medal of honor July's Best Writer 2012 June's Best Writer 2012

Post time 2017-10-7 02:15:41 |Display all floors
This post was edited by UYA at 2017-10-8 06:43

I saw a great documentary on PBS called "Abacus small enough to jail" (pun on "too big to fail").
Its about a Shanghai man Thomas Sung who came to America and became a lawyer, then a banker to help Chinese people in Chinatown NY.
His bank was the only one to be targeted by the US government since the 2008 meltdown.

Opon finding out a loan officer filed false documents for loans and then asked customers for "kick backs", he was fired from the bank.
The bank then informed government agencies of the the crime, which in turn targeted the owner and his daughters with over 200+ counts.
Told to plead guilty "or else", he decided to fight.

In the trial.....
The person who was fired, became the star witness for the government, claiming higher ups knew what was going on.
Under cross examination, he was proven to be a liar.
Out of 3000+ loans issued by the bank during this time, only 9 defaulted (one of the lowest default rates in banking)
Who were the victims?
Where is the damage?
Where is the fraud?

What is very interesting is the way the film portrays Chinese people and culture.
The dedication of his family to clear their fathers name and the Chinese community.

This hit close to home for me, because my father was also a banker who helped the Chinese community in Hawaii.
He was very respected and trusted.

A very good watch.
http://www.pbs.org/wgbh/frontline/film/abacus/





Use magic tools Report

Rank: 8Rank: 8

2016 Most Valuable Member Medal Gold Medal

Post time 2017-10-7 09:59:46 |Display all floors


So this bank loans to ethnic Chinese only? Isn't this unlawful? Shouldn't they lend to anyone in identical circumstances? Can we say this bank is racist?

Use magic tools Report

Rank: 5Rank: 5

Medal of honor July's Best Writer 2012 June's Best Writer 2012

Post time 2017-10-7 10:29:16 |Display all floors
seneca Post time: 2017-10-7 09:59
So this bank loans to ethnic Chinese only? Isn't this unlawful? Shouldn't they lend to anyone in i ...

Since this is Chinatown.....
would expect to find a lot of Chinese there


Don't know where in the film, it said "only Chinese".

Watch it and tell me what you think

Use magic tools Report

Rank: 5Rank: 5

Medal of honor July's Best Writer 2012 June's Best Writer 2012

Post time 2017-10-8 06:44:05 |Display all floors
If you were able to watch this film, please weigh in on what you thought here.

Use magic tools Report

Rank: 8Rank: 8

2016 Most Valuable Member Medal Gold Medal

Post time 2017-10-8 11:01:59 |Display all floors


The CD does not want me to publish the message from their Internet censor after I clicked to that website. I have posted it two times and it has not appeared.

Use magic tools Report

Rank: 5Rank: 5

Medal of honor July's Best Writer 2012 June's Best Writer 2012

Post time 2017-10-8 18:32:51 |Display all floors
seneca Post time: 2017-10-8 11:01
The CD does not want me to publish the message from their Internet censor after I clicked to that  ...

PBS.org is banned?
Can't understand why...
lots of stuff there that puts the US in a bad light.

Use magic tools Report

Rank: 4

Post time 2017-10-8 18:36:00 |Display all floors
Does any sane person actually make a distinction between the banking system\goverment in the criminal US power structure?

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.