“Abacus, you know, is the Chinese calculator. China regards abacus as a national treasure. So we say we’ll name the bank Abacus.” ~Thomas Sung, Founder of Abacus Federal Savings Bank
By Catherine Austin Fitts
After the United States spent trillions on bank bailouts, guess what bank was prosecuted? One of the smallest banks in the country. It did not do subprime mortgage loans. It had an unusually low default rate on its mortgage portfolios. Fannie Mae and Freddie Mac made money on the mortgage portfolios it originated.
As Abacus Federal Savings Bank was cleared of all allegations by the facts and a New York City jury, the story was told by investigative reporter Dave Lindorff and a subsequent award winning documentary. This is an extraordinary tale of the power of the rule of law in the hands of Abacus founder Thomas Sung and his three brilliant, hardworking daughters.
Dave Lindorff joins me this week on the Solari Report to tell you this story. You will be inspired by what can happen when great investigative reporting supports courageous small business men and women in the face of yet another malicious prosecution funded with taxpayers money. Are these prosecutors legitimate? Or are they the “Sheriff of Nottingham,” pushing profits out of community banks and into Wall Street banks, pumping up their stocks? Is enforcement in America determined by political contributions and lobbyists or by the rule of law?
You decide by choosing with whom you bank.
In Let’s Go to the Movies I will comment on the award winning documentary on the Sung’s story “Abacus: Small Enough to Jail“. Check out our review in Food for the Soul
In Money & Markets this week I will report on global markets and geopolitics from New Zealand where I will be until May 30th when I head to the San Francisco Bay Area for a week. Please e-mail or post your questions for Ask Catherine.
Talk to you Thursday!
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