Several films have already been made about the banking crisis in 2008 (eg The Big Short, Margin Call) and the conclusion is often that no one has been prosecuted for it. The main reason for this is that most of them were “Too big to fail”. If they would have to deal with a lawsuit, it would have a huge impact on the financial system. Abacus Federal Savings in New York, a very small bank focusing mainly on the Chinese community in Chinatown, was the only bank that faced a lawsuit on mortgage fraud. A case that could have a lot of impact on this small family business and its customers. Continue reading →