The central players in the Goldman Sachs ABACUS deal in 2007 include the following: Goldman Sachs case, which was settled in the summer of 2010. The following is a description of the parties, financial instruments, sequence of events, and transactions in The SEC vs.
Applying virtue ethics: the Rajat Gupta case.Applying Utilitarianism: Are Insider Trading and the Bailout of GM Ethical?.Early Roots of the Western Moral Tradition.Episode 3: Issue Spotting and Problem Solving.Episode 1: Financial Ethics, the Performance Enhancer.Seven Pillars Institute’s Financial Ethics Training Video Series: Ethics in Finance is Good!.Author Guidelines and Article Submission.Codes of Ethics for Financial Institutions.CST on PBS stations ( check local listings) and online.
Abacus bank stream full#
Get the full story on the case against Abacus, how the trial played out, and what it all says about America’s financial and justice systems in Abacus: Small Enough to Jail, premiering Tuesday, September 12 at 10 p.m. She had worked at the office as a prosecutor for seven years - in the very division that would end up prosecuting her family’s bank. “I had never seen that in my entire time at the DA’s office,” says Chanterelle Sung, whose father, Thomas, is the bank’s founder. “They actually staged it so much so that three of the people that were in that chain had already been arraigned, had already posted bond and were out awaiting trial,” investigative journalist David Lindorff says in the above clip from Abacus.įor one observer, the scene was particularly personal. “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. 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.
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