Financial News Articles
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On June 30, the U.S. Senate Banking Committee will hold a virtual hearing titled “The Digitization of Money and Payments.” The Senate Banking Committee is chaired by Senator Mike Crapo (R-ID) and the ranking member is Senator Sherrod Brown (D-OH). The hearing can be viewed ... here. J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher ... has been busy splicing and dicing the technical details of a futuristic ‘Digital Dollar,’ one that is informed by distributed ledger technology and ‘tokenized’ so as to represent the physical cash we have today in digital form. Giancarlo’s new think tank, the Digital Dollar Project, zooms in on the criticality of holding ‘tokenized’ or digital bearer instruments, just like cash, vs. account-based systems. This idea crossed paths in the last hearing with a concept called FedAccounts, where Morgan Ricks ... presented the idea that the Federal Reserve should operate as a retail bank and offer digital dollars. The idea presented by Ricks focuses on the idea of ‘Bank Accounts for All,’ a bill from ... Senator Sherrod Brown. Although the Digital Dollar surfaced in a draft of the CARES Act originally reported by NPR on March 23, the bill that was introduced in the House and the final CARES Act made no mention of a Digital Dollar. However, the next day, Brown introduced S. 3571, the Banking For All Act, where the idea of a Digital Dollar and FedAccounts (seen in the draft of the CARES Act) were included in his legislation.
Note: Some elites and bankers would like to make all money digital so that they can track every transaction, as is already happening in China. This would also give those in power the ability to cut off those who go against their agenda from access to their funds. For more along these lines, see concise summaries of deeply revealing news articles on banking corruption from reliable major media sources.
The Internal Revenue Service is letting hundreds of thousands of high-income individuals duck tax obligations, according to a government watchdog report. The Treasury inspector general for tax administration found that 879,415 high-income individuals who didnt file returns cumulatively failed to pay $45.7 billion in taxes from 2014 to 2016 and that the agency hasnt tried to collect from many of those taxpayers. The IRS didnt input 326,579 of the cases into its enforcement system, and it closed 42,601 of the cases without ever working on them. In addition, the remaining 510,235 high-income nonfilers, totaling estimated tax due of $24.9 billion, are sitting in one of the Collection functions inventory streams and will likely not be pursued as resources decline, the report, released Monday, found. The report defines high-income taxpayers as those earning at least $100,000. The IRS didnt immediately respond to a request for comment, but agency management in the report agreed with a recommendation to prioritize collecting from people who didnt file tax returns.
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Stimulus checks are right now being sent to millions of Americans in a desperate bid to offset the economic devastation caused by the coronavirus pandemic. The stimulus checks are being wired to eligible people's bank accounts with some 50 million to 70 million of them expected to appear in accounts tomorrow. However, Congress did not exempt the CARES Act stimulus checks from private debt collection and Bank of America, Citibank, and U.S. Bank have not ruled out using payments to offset outstanding debts. The Treasury Department last week appeared to green light banks to take advantage of the coronavirus crisis to collect prior debt, it has been reported by The American Prospect magazine, citing leaked audio from a meeting with bank officials. Bank of America, Citibank, and U.S. Bank failed to clarify their position on whether stimulus checks would be used to pay off outstanding debts, with JPMorgan Chase confirming it would return the money to the government so the recipient can get the full benefit of the stimulus and Wells Fargo promising it won't use the stimulus checks to pay down negative balances. The report has caused frustration among the progressive financial community. "Money should be harder to seize," Neeraj Agrawal of cryptocurrency policy think tank Coincentre said. An early draft stimulus bill put together by the U.S. Democratic Party did include a provision for a so-called digital dollar that would have allowed the stimulus checks to bypass bank accounts ... but it was cut from the final bill.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and the coronavirus pandemic from reliable major media sources.
Wells Fargo has agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community bank over a 14-year period, the Justice Department announced on Friday. From 2002 to 2016, employees used fraud to meet impossible sales goals. They opened millions of accounts in customers names without their knowledge, signed unwitting account holders up for credit cards and bill payment programs, created fake personal identification numbers, forged signatures and even secretly transferred customers money. In court papers, prosecutors described a pressure-cooker environment at the bank, where low-level employees were squeezed tighter and tighter each year by sales goals that senior executives methodically raised, ignoring signs that they were unrealistic. Part of Fridays deal ... is a deferred prosecution agreement, a pact that could expose the bank to charges if it engages in new criminal activity. During the final five years of abuse, the bank quietly fired thousands of employees for falsifying records in response to customer complaints. The practices covered by the settlement ... are not the only misbehavior the bank has revealed since 2016. The bank has also admitted it charged mortgage customers unnecessary fees and forced auto loan borrowers to buy insurance they did not need. The mortgage and auto loan claims are not part of Fridays deal. Wells Fargos profits last year totaled nearly $20 billion.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
Two summers ago, the head of Britains Financial Conduct Authority, Andrew Bailey, made news when he announced that LIBOR the leading benchmark for setting global interest rates had a sustainability issue. The rate is supposed to measure the rate at which banks borrow from each other, but Bailey said it wasnt based on real borrowing. LIBOR, the London Interbank Offered Rate, helps set rates for hundreds of trillions of dollars worth of financial instruments. If Bailey was right, it meant a sizable portion of global economic activity rested on magical thinking. A secondary concern involved manipulation. If banks were inventing numbers to submit to the LIBOR committee, could they not also be manipulating rates to line pockets? The possibility ... seemed to exist that the worlds major investors including localities and pension funds were being systematically ripped off. A class of investors and retirement funds including Putnam Bank and the Hawaii Sheet Metal Workers Pension Fund did recently bring an antitrust suit alleging just such a scheme. The July 1 complaint is an amended version of a class action suit originally filed earlier this year. The action against JP Morgan Chase, Bank of America, Citigroup, Barclays, and numerous other banks uses both documentary evidence and data to argue that banks have been purposefully depressing interest rates. The idea would be to lower payouts to investors who are contractually due to receive LIBOR, while lessening costs for LIBOR borrowers.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
American billionaires are calling for changes to the system that enabled them to get rich. Warren Buffett, Jamie Dimon, Ray Dalio, Bill Gates and a list of others say that capitalism in its current form simply doesnt work for the rest of the United States. Some of their remedies involve higher taxes. Hedge fund titan Ray Dalio is the most recent to criticize the current economic system. On Monday, the Bridgewater founder told CNBC that while it doesnt need to be destroyed, capitalism does need to present an equal opportunity, which Dalio said he received through public education. The issue chafing billionaires and politicians alike is a growing income gap. The inequality between rich and poor Americans is as high as it was in late 1930s, Dalio pointed out in a paper posted online. The wealth of the top 1 percent of the population is now more than that of the bottom 90 percent of the population combined. Dalio called growing inequality and lack of investment in public education an existential risk for the U.S. Berkshire Hathaway CEO Warren Buffett - third on Forbes 2019 billionaires list - has repeatedly said the wealthy should be taxed more. In 2006, the CEO committed to give all of his Berkshire Hathaway stock to philanthropic foundations. He and Bill and Melinda Gates have asked hundreds of wealthy Americans to pledge at least 50 percent of their wealth to charity in the so-called the Giving Pledge. There are now 190 people signed on, including Facebook CEO Mark Zuckerberg and Netflix CEO Reed Hastings.
Note: For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
The United States and key ally Saudi Arabia saw their lobbying efforts pay off on Friday after the European Commission's proposed dirty money blacklist - which included the oil-rich kingdom and several American territories - fizzled. "The Americans fell on us like a tonne of bricks," an anonymous Brussels official [said]. The effort "to protect the integrity of the E.U. financial system," the commission said last month, included blacklisting 23 territories that had "strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks." They included American Samoa, Guam, the U.S. Virgin Islands, and Puerto Rico as well as Saudi Arabia. However, as the Wall Street Journal reported Friday, "European governments, under pressure from Washington and Riyadh, have refused to endorse" the list. "The rejection of the governments is a farce at the expense of security," declared Sven Giegold, Member of the European Parliament (MEP) from Germany. "Governments must ask themselves whether they are on the side of autocrats or their citizens!" As Politico reported, the list, which would need the backing of the European Parliament and Council of the E.U. to go into effect, "is politically sensitive because it has teeth. E.U. banks that handle payments connected to the blacklisted countries and territories would have to conduct 'enhanced due diligence' on any cash that moves to and from the E.U. and the blacklisted jurisdictions."
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Michaela Christian lost a long battle with Wells Fargo in 2013 to save her Las Vegas home, a defeat she says changed the course of her life. When the bank refused to modify her mortgage, Christian moved in with a friend and scrambled to rebuild her life. Five years later, Wells Fargo admits it made a mistake. It is a mistake the giant bank admits it made nearly 900 times over several years, pushing hundreds of distressed homeowners into foreclosure. Christian said when she learned of Wells Fargos error, I was sick to my stomach. They destroyed me and destroyed my everything. Wells Fargo says an internal review found that the bank denied help to hundreds of homeowners after fees charged by foreclosure attorneys were improperly used when the bank determined whom to offer mortgage help. The computer error began in 2010 and was not corrected until last April, the bank said. Wells Fargos admission is part of a cascade of lapses that increased scrutiny of the San Francisco-based bank. Over the past two years, the bank paid more than $1 billion in fines after admitting it opened millions of bogus accounts customers didnt want and then found itself in more trouble after improperly repossessing thousands of cars. Critics have also jumped on Wells Fargos decision to cut 26,000 jobs while it reaps the benefits of a corporate tax cut that is expected to boost its profits $3.7 billion this year.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial corruption from reliable major media sources. Then explore the excellent, reliable resources provided in our Banking Corruption Fact and Information Center.
Deutsche Bank's head office and other locations in Frankfurt were raided by 170 police officers and tax investigators on Thursday. The German bank is suspected of helping clients to set up offshore companies in tax havens, prosecutors said. Investigators are also looking at whether Deutsche Bank failed to report suspicious transactions. Both the lender and prosecutors said the probe is related to the Panama Papers, a 2016 investigation into money laundering networks and shell companies set up by Panama-based law firm Mossack Fonseca. The investigation is yet another headache for Deutsche Bank. The lender struck a $7.2 billion deal with the US government in January 2017 to settle claims that it packaged and sold toxic mortgages. It was fined $630 million the same month over a Russian money laundering scheme. In September, Deutsche Bank was ordered by German regulators to tighten its controls. Other European lenders have also come under scrutiny for potential money laundering. HSBC (HBCYF) and ING (ING) have both settled money-laundering allegations in recent years. Danske Bank (DNKEY), the largest bank in Denmark, said in September that an internal investigation had uncovered a large number of suspicious accounts and transactions at its branch in Estonia. [Former US Treasury] Jimmy Gurul ... said that stronger deterrents are needed. "Even in the most egregious cases, banks are often only required to pay a monetary penalty for engaging in criminal activity," he said.
Note: For lots more on the shady dealings of this bank, read this New Yorker article. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
After the financial crisis 10 years ago, unhappy customers were expected to flee the megabanks for smaller competitors. It didnt happen. And the big banks became even more entrenched. Now another wave of alternative banks are at it again. Chime, the biggest new name to pop up, has opened two million fee-free online checking accounts and is adding more customers each month than Wells Fargo or Citibank. Venture capitalists are pouring money into American start-ups that are offering basic banking services known as neo-banks or challenger banks. In 2018 so far, American neo-banks have gotten ... 10 times as much funding as they did in 2015. In consumer banking, you have what is one of the largest industries in the United States, in terms of profits, and at the same time one of the least disrupted industries, and the most unpopular with consumers, said Andrei Cherny, the founder of Aspiration, a neo-bank that has attracted nearly a million customers. Those three things create a perfect storm for disruption. The banks are struggling to adapt because they have built an expensive infrastructure of local branches and have become increasingly reliant on revenue from fees. Surveys have shown that a wide array of fees, for everything from A.T.M. use to checking account maintenance, have been steadily rising in recent years. The big banks have also held on to the interest payments they get rather than passing them along to depositors.
Note: For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
On Saturday, September 13th, 2008, the world was about to end. The New York Federal Reserve was a zoo. The crowd included future Treasury Secretary Timothy Geithner, then-Treasury Secretary (and former Goldman Sachs CEO) Hank Paulson, the representatives of multiple regulatory offices, and the CEOs of virtually every major bank in New York. In the twin collapses of top-five investment bank Lehman Brothers and insurance giant AIG, Wall Street saw a civilization-imperiling ball of debt hurtling its way. The legend of that meeting ... is that the tough-minded bank honchos found a way to scrape up just enough cash to steer the debt-comet off course. The plan included a federal bailout of incompetent AIG, along with key mergers Bank of America buying Merrill, Barclays swallowing the sinking hull of Lehman, etc. The legend is bull. Accurate chronicles of the crisis period [include] the just-released Financial Exposure by Elise Bean of the Senate Permanent Subcommittee on Investigations. The crisis response dramatically accelerated two huge problems. First, we made Too Big To Fail worse by making the companies even bigger and more dangerous through ... state-aided mergers. In the next crisis, letting losers lose will be even more unimaginable. Secondly, an already-serious economic inequality issue became formalized. The people responsible for the crisis werent just saved, but made beneficiaries of another decade of massive unearned profits.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and income inequality.
All over the western world banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Financial institutions ... are trying to nudge us towards a cashless society and digital banking. The true motive is corporate profit. Payments companies such as Visa and Mastercard want to increase the volume of digital payments services they sell, while banks want to cut costs. The nudge requires two parts. First, they must increase the inconvenience of cash. Second, they must vigorously promote the alternative. But a cashless society is not in your interest. It is in the interest of banks and payments companies. Their job is to make you believe that it is in your interest too, and they are succeeding in doing that. The recent Visa chaos, during which millions of people who have become dependent on digital payment suddenly found themselves stranded when the monopolistic payment network crashed, was a temporary setback. Digital systems may be convenient, but they often come with central points of failure. Cash, on the other hand, does not crash. It does not rely on external data centres, and is not subject to remote control or remote monitoring. The cash system allows for an unmonitored off the grid space. This is also the reason why financial institutions and financial technology companies want to get rid of it. Cash transactions are outside the net that such institutions cast to harvest fees and data.
Note: For more on this questionable trend, see this article and this one in the UK's Guardian. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and the disappearance of privacy.
The Houses bipartisan vote Tuesday to weaken Dodd-Frank, the banking and consumer reform legislation passed in the wake of the 2008 financial collapse and recession ... dramatically shrinks the number of institutions deemed important to the financial system and therefore subject to strict oversight. It raises the threshold automatically triggering such measures from $50 billion to $250 billion in assets. Small banks, defined as under $10 billion in assets, would also be exempt from the Volcker Rule, which prohibits certain risky investments of customers money. And an estimated 85 percent of banks would also be excused from reporting requirements meant to detect discrimination in home mortgage lending. Supporters of the regulatory retreat would have the public believe that Dodd-Frank constitutes a crushing burden on a struggling financial industry. Meanwhile, on the very day that the House approved the rollback, the Federal Deposit Insurance Corp. reported that the commercial banks and savings institutions it covers made $56 billion in the first quarter of the year, a 27.5 percent increase from a year earlier. Congress ... likely motivation is another figure: the $1.1 billion in contributions to federal campaigns attributed to financial institutions in the last two-year election cycle, according to the Center for Responsive Politics, more than any other sector spent. That haul favored Republicans only modestly, with 46 percent going to Democrats. Judging by this weeks vote, it was money well spent.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Australia's financial intelligence czar Nicole Rose says she is shocked at the depth of money laundering in the economy involving organised crime, child exploitation and drug importation. "I thought coming from the Australian Criminal Intelligence Commission that I had a pretty good handle on serious and organised crime," she [said]. "I didn't appreciate the depth and breadth of involvement with private entities and banks. I didn't appreciate how many industries it does actually touch. There's a misperception that money laundering is a victimless white collar crime. It has a massive impact on everyday life whether that's child exploitation, serious and organised crime or drug importation. It all involves money laundering." A career public servant specialising in anti-terrorism strategy, Ms Rose was appointed chief executive of the Australian Transactions Reports & Analysis Centre (AUSTRAC) in November last year. Ms Rose, a former deputy head of the Australian Criminal Intelligence Commission, inherited AUSTRAC's high stakes case against the Commonwealth Bank which is fighting almost 54,000 allegations that it broke anti-money laundering and anti-terrorism financing laws. While not commenting directly on the CBA case, Ms Rose said she was confident that all Australian banks are now aware of the money laundering risk. However, Ms Rose was uncertain when the $10,000 reporting threshold on cash transactions would be extended from financial institutions to other high-risk sectors.
Note: Explore an eye-opening article by Fiona Barnett, which claims the Watergate break in's real purpose was steal a list of high level political pedophiles from both parties. As reported in this Sydney Morning Herald article, Ms. Barnett testified to Australia's Royal Commission into Institutional Responses to Child Sexual Abuse on being a victim of a high level pedophile ring. More on this is available in this article from the UK's Daily Mail.
Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
The US government has imposed sanctions on the Israeli billionaire Dan Gertler, whose African business dealings were exposed in the Paradise Papers, over hundreds of millions of dollars worth of opaque and corrupt mining and oil deals in the Democratic Republic of the Congo. In a strongly worded statement, the US president ... placed sanctions on 13 people and companies associated with them, declaring a state of national emergency with respect to serious human rights abuse and corruption around the world. In November, the Paradise Papers investigation unveiled new details of Gertlers mining deals in strife-torn but resource-rich DRC, in particular over a $45m loan in shares to one of his companies from the worlds biggest miner, Glencore. In imposing sanctions on Gertler, the US Office of Foreign Assets Control (OFAC) said the Israeli billionaires corrupt dealings had deprived the state coffers of DRC of ... more than $1.36bn in revenues from the underpricing of mining assets that were sold to offshore companies linked to Gertler. Gertlers involvement in the DRC spans nearly two decades. He was cited by a 2001 UN investigation that said he had given the DRCs then-president $20m to buy weapons to equip his army against rebel groups in exchange for a monopoly on the countrys diamonds, and a 2013 Africa Progress Panel report said a string of mining deals struck by companies linked to him had deprived the country of more than $1.3bn in potential revenue.
Note: Gertler had close ties with Mark Rich, who was once on the FBI's 10 most wanted list only to later be pardoned by Bill Clinton. This revealing article on Gertler in the UK's Guardian shows corruption and abuse leading to very high places. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
The United States imposed sanctions on 52 people and entities Thursday for alleged human rights violations and corruption, a list that included Maung Maung Soe, a top Burmese general cited for an ongoing deadly crackdown on the Rohingya, a Muslim ethnic group. Maj. Gen. Maung Maung Soe was the chief of the Burmese Armys Western Command during a crackdown that survivors say involved government soldiers stabbing babies, cutting off the heads of boys, gang-raping girls and burning entire families to death. Maj. Gen. Maung Maung Soe is the first high-level Burmese military official to be named in sanctions. Today, the United States is taking a strong stand against human rights abuse and corruption globally by shutting these bad actors out of the U.S. financial system, said Steven Mnuchin, the Treasury secretary. Among others penalized on Thursday was Yahya Jammeh, former president of Gambia. Mr. Jammeh created a terror and assassination squad ... that he used to intimidate, interrogate and kill people who threatened him. Benjamin Bol Mel of South Sudan, Dan Gertler, who did business in the Democratic Republic of Congo, and Mukhtar Hamid Shah of Pakistan were also on the list. The sanctions freeze any assets the individuals or entities hold in the United States and also prevent them from using any American financial institution.
Note: Importantly, billionaire Israeli mine kingpin Dan Gertler is on this list. This revealing article on Gertler in the UK's Guardian shows corruption and abuse leading to very high places. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.
BlackRock Inc. and Vanguard Group — already the world’s largest money managers — are less than a decade from managing a total of US$20 trillion, according to Bloomberg News calculations. Amassing that sum will likely upend the asset management industry, intensify their ownership of the largest U.S. companies and test the twin pillars of market efficiency and corporate governance. Vanguard founder Jack Bogle, widely regarded as the father of the index fund, is raising the prospect that too much money is in too few hands, with BlackRock, Vanguard and State Street Corp. together owning significant stakes in the biggest U.S. companies. “That’s about 20 per cent owned by this oligopoly of three,” Bogle said. “It is too bad that there aren’t more people in the index-fund business.” Vanguard is poised to parlay its US$4.7 trillion of assets into more than US$10 trillion by 2023, while BlackRock may hit that mark two years later, up from almost US$6 trillion today, according to Bloomberg News projections based on the companies’ most recent five-year average annual growth rates in assets. BlackRock and Vanguard’s dominance raises questions about competition and governance.
Note: This empire directly benefits from relaxation of financial regulations. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
The journalist who led the Panama Papers investigation into corruption in Malta was killed. Daphne Caruana Galizia died on Monday afternoon when her car ... was destroyed by a powerful explosive device. A blogger whose posts often attracted more readers than the combined circulation of the countrys newspapers, Caruana Galizia was recently described by the Politico website as a one-woman WikiLeaks. Her most recent revelations pointed the finger at Maltas prime minister, Joseph Muscat, and two of his closest aides, connecting offshore companies linked to the three men with the sale of Maltese passports and payments from the government of Azerbaijan. Caruana Galizia filed a police report 15 days ago to say that she had been receiving death threats. The journalist posted her final blog on her Running Commentary website at 2.35pm on Monday, and the explosion ... was reported to police just after 3pm. Caruana Galizia ... set her sights on a wide range of targets, from banks facilitating money laundering to links between Maltas online gaming industry and the Mafia. Over the last two years, her reporting had largely focused on revelations from the Panama Papers, a cache of 11.5m documents leaked from the internal database of the worlds fourth largest offshore law firm, Mossack Fonseca. Her family have filed a court application demanding a change of inquiring magistrate. Investigations into the case are being led by Consuelo Scerri Herrera. But Herrera had come under criticism by Galizia in her blog.
Note: The release of the Panama Papers exposed tax-dodging elites in many countries. There is speculative evidence that the CIA had a hand in releasing these documents. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
In 2009, shortly after the housing market crashed and the markets melted down, the owners of a small community bank in New York Citys Chinatown discovered fraud within their loan department. The banks owners, the Chinese-American Sung family ... reported the fraud to their regulators. But two-and-a-half years later, the bank was accused of mortgage fraud by the Manhattan District Attorneys Office making Abacus Federal Savings the only U.S. bank to be prosecuted in relation to the financial collapse and the first bank indicted in New York since 1991. Why did Abacus face charges, while the biggest banks on Wall Street all avoided prosecution for fraud? Thats the question at the heart of [the new documentary film] Abacus: Small Enough to Jail. Abacus chronicles the Sung familys quest to clear their names, the district attorneys case against the bank and how 19 of the banks ex-employees, largely immigrants, were treated by the justice system. When 12 ex-employees of the bank who refused to plead guilty were arraigned, [they were] handcuffed to each other, and in the words of one of their attorneys, herded like cattle down courthouse hallways. Reporters ... were treated to this extraordinary photo opportunity, this almost Stalinist looking chain gang of Asian Americans, says journalist Matt Taibbi. I had never seen that in my entire time at the DAs office, says Chanterelle Sung, whose father, Thomas, is the banks founder. She had worked at the office as a prosecutor for seven years.
Note: You can watch the PBS special on this strange story on this webpage. A transcript of this documentary is available here. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
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