If you’ve walked Canal St. in lower Manhattan’s Chinatown, you’ve probably passed by the modest headquarters of Abacus Federal Savings, a family run community bank that has served New York City’s Chinese immigrant population for more than three decades. It’s more than a mile away — and a world apart — from the more famous banks on Wall Street whose reckless behaviors during the housing bubble led to trillions of dollars in economic loss, the failure of financial institutions nationwide, an unprecedented federal bailout of the banking and auto industries, and continued fraud by big banks in a rush to foreclose on large numbers of homes as quickly as possible. [More]
