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Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

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  • Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

    US authorities in Philadelphia seized a cargo vessel in June with nearly 20 tons of cocaine on board. The ship, as it turns out, is owned by a fund run by banking giant JPMorgan Chase.

    A source close to the situation said on Wednesday that the ship, the MSC Gayane, is part of a transportation strategy fund run for the bank's asset management unit.
    That means JPMorgan Chase (JPM) does not have any operational control of the vessel, a Liberian-flagged ship that is run by the Swiss-based Mediterranean Shipping Company. The bank had no comment.
    Law enforcement agents boarded the MSC Gayane on June 17 and found the cocaine, which is said to have a street value of about $1.3 billion.
    https://www.cnn.com/2019/07/10/busin...ure/index.html
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  • #2
    So that's how the banks make their money...
    They speak in bulletpointese leftist nutjob drivel. It doesn't matter. Nothing is as great a motivator as the chance to truly be free.
    -Mr. Raceboy

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    • #3
      It's pretty deniable; Some bank owns the paper on a ship, leases the ship to some other bank, which hires a shipping company to operate the thing, which hires a bunch of people to work on the ship... I'd bet that the cocaine is tied to one of the bottom two levels (that we know about), rather than some super bank that doesn't care what the thing is, as long as the lease money keeps rolling in.
      "Whenever you find yourself on the side of the majority, it is time to pause and reflect." –Mark Twain

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      • #4
        Well that blows.
        "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

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