![]() A prominent global investment banking and securities firm founded in 1869 and located in the heart of Wall Street. The central players in the Goldman Sachs ABACUS deal in 2007 include the following: Goldman Sachs case, which was settled in the summer of 2010. The following is a description of the parties, financial instruments, sequence of events, and transactions in The SEC vs. Applying virtue ethics: the Rajat Gupta case.Applying Utilitarianism: Are Insider Trading and the Bailout of GM Ethical?.Early Roots of the Western Moral Tradition.Episode 3: Issue Spotting and Problem Solving.Episode 1: Financial Ethics, the Performance Enhancer.Seven Pillars Institute’s Financial Ethics Training Video Series: Ethics in Finance is Good!.Author Guidelines and Article Submission.Codes of Ethics for Financial Institutions.It will also be aired on television on PBS’s Frontline in the fall. She now works at Sung & Co., PC, her father’s real estate law firm, and is a director of Abacus bank.Ībacus: Small Enough to Jail was an “official selection” at a number of film festivals around the world, including Toronto, Sydney, Hong Kong, and Los Angeles. Vera worked for the Brooklyn DA’s office for two-and-a-half years after graduating from law school. Law students need to learn that “if you have a case that shouldn’t be prosecuted, if there’s no evidence, then you shouldn’t go forward,” Chanterelle says. And then racism-all of that seeps in whether its subconscious or overt and conscious.”Ĭhantarelle says that the lessons she learned when she was a student in the criminal law clinic taught by Associate Clinical Professor Evangeline Sarda helped her come to terms with what was happening with her family. “When you’re in a position of power like the district attorney,” Chanterelle says, “and unfortunately you’re not focused on integrity and appropriate use of discretion, you will be swayed by things like politics and try to make a case out of something like this to make a name for yourself, to be the only prosecutor to have prosecuted a bank after the financial crisis, for example. She left eighteen months later for a job at the New York City Department of Investigation. Chanterelle, in fact, had been working for the Manhattan DA for seven years when Vance took over and started prosecuting her family’s bank. “If you have a case that shouldn’t be prosecuted, if there’s no evidence, then you shouldn’t go forward.” -Chanterelle Sung ’04īoth Vera and Chanterelle had spent part of their careers in DA offices. “And here we are,” Vera says, “a small community bank serving the immigrant community with no defaults-literally less than half a percent of our loans defaulted, and we discovered the wrongdoing in the first place and reported it to law enforcement-how is it that we were getting prosecuted?” The too-big-to-fail banks got off with a non-prosecution or a deferred prosecution agreement and a fine. Their attempt to comply with the law cost them dearly-not only $10 million in legal fees, but also mental and emotional anguish, theirs as well as their innocent employees’. The Sungs’ ordeal began when bank officials fired an employee for embezzlement and alerted the authorities. The Sungs attended a special screening at the Coolidge Corner Theatre in Brookline June 18, after which BC Law Professor Brian Quinn moderated a panel discussion. Vera and Chanterelle Sung are featured in the film as is their father Thomas Sung, who founded Abacus in 1984 and still serves as chair. It was directed by award-winning filmmaker Steve James ( Hoop Dreams, The Interrupters) in collaboration with PBS’s investigative documentary series Frontline. Chantarelle Sung ’04 Above: Vera ’90, Jill, and Thomas Sung at their bank in Manhattan’s Chinatown.Ībacus: Small Enough to Jail depicts the family’s battle to clear their bank’s name-a multiyear defense effort that cost them millions. Chantarelle Sung ’04 Above: Vera ’90, Jill, and Thomas Sung at their bank in Manhattan’s Chinatown. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |