Abacus: Small Enough to Jail

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Abacus: Small Enough to Jail
Frontline
ITVS
Release dates
  • September 11, 2016 (2016-09-11) (TIFF)
  • May 19, 2017 (2017-05-19) (United States)
Running time
88 minutes
CountryUnited States
LanguageEnglish
Box office$80,527[1]

Abacus: Small Enough to Jail is a 2016 American

Steve James.[2] The film centers on the Abacus Federal Savings Bank, a family-owned community bank situated in Manhattan's Chinatown in New York City which, because it was deemed "small enough to jail" rather than "too big to fail", became the only financial institution to actually face criminal charges following the subprime mortgage crisis.[3]

The film premiered at the

Frontline in 2017[5]
and is available for online streaming at no charge..

Synopsis

The documentary features interviews with the Sung family and other past and present Abacus employees,

Troubled Assets Relief Program (TARP), notes that many Abacus borrowers and loan officers may have misrepresented loan applications, which technically constitutes a crime, but nonetheless the loans had a very low rate of default, unlike typical mortgage fraudsters that have no intent of repaying a loan. Barofsky also points out that there was never any general prosecution of widespread subprime mortgages and collateralized debt obligations
, done to maximize profit without regard to risk, despite their much bigger impact on society and economy compared to Abacus Bank's lending practices.

Critical response

Abacus received generally positive reviews from critics. On Rotten Tomatoes the film has a rating of 93%, based on 72 reviews, with an average rating of 7.51/10.The website's critical consensus states, "Abacus: Small Enough to Jail transcends its less-than-dramatic trappings to present a gripping real-life legal thriller with far-reaching implications".[9] On Metacritic, the film has a score of 73 out of 100, based on 16 critics, indicating "generally favorable reviews".[10]

Matt Zoller Seitz of RogerEbert.com declared Abacus to be "another classic" from Steve James,[11] giving the film 4 out of 4 stars. He praised James' "knack for finding the universal within the specific, and often a much larger and more complex story nestled within a specific account of one event." Seitz also pointed out that even though the film is engrossing as a legal thriller, "it's even more notable as a portrait of a community. James... has constructed a rich and revealing context for this tale, and it's one that is rarely showcased in American cinema.... a thriving community [Chinatown] that defines itself in relation the mainstream of American culture and that is aspirational but never entirely comfortable or accepted."[12]

Ignatiy Vishnevetsky of The A.V. Club, however, gave the film a C+, considering it to be "pleasant" yet "inessential", with its "unusually literal" documentary style applied to a narrative that could have been efficiently told in a magazine article. Vishnevetsky stated that "[p]erhaps the problem is that he isn’t one to extrapolate, interrogate, or pry subjects open; his best films are chronicles of hopes, dreams, and hardships made possible by the trust James works to elicit from his subjects."[13]

The Guardian critic wrote that "engrossing tale of the bank that was bullied" and gave 4 stars out of 5.[14]

References

  1. ^ "Abacus: Small Enough to Jail". Box Office Mojo. Retrieved June 24, 2017.
  2. ^ 'Abacus: Small Enough to Jail': Film Review | TIFF 2016. The Hollywood Reporter, September 12, 2016.
  3. ^ "'Abacus: Small Enough to Jail' tells story of only bank indicted after 2008 mortgage crisis". As It Happens, September 12, 2016.
  4. ^ "La La Land wins the People’s Choice Award at the 2016 Toronto International Film Festival". National Post, September 18, 2016.
  5. Frontline
    , September 9, 2016.
  6. ^ "Abacus: Small Enough to Jail", Retrieved September 13, 2017.
  7. ^ "Puvalowski Law, P.c." Archived from the original on August 23, 2018. Retrieved November 10, 2018.
  8. ^ "Abacus: Small Enough to Jail - Transcript". Frontline.
  9. Fandango
    . Retrieved February 27, 2018.
  10. CBS Interactive Inc.
    Retrieved May 21, 2017.
  11. ^ Seitz, Matt Zoller [@mattzollerseitz] (May 20, 2017). "FYI: Steve James just directed another classic documentary, about a family owned bank in NYC's Chinatown" (Tweet). Retrieved May 21, 2017 – via Twitter.
  12. ^ Seitz, Matt Zoller (May 19, 2017). "Abacus: Small Enough to Jail Film Review (2017)". RogerEbert.com. Ebert Digital LLC. Retrieved May 21, 2017.
  13. ^ Vishnevetsky, Ignatiy (May 18, 2017). "Abacus: Small Enough To Jail is inessential enough to skip". The A.V. Club. Onion Inc. Retrieved May 20, 2017.
  14. , retrieved April 27, 2023

External links