Where was I? How did we miss this news? In the words of the esteemed Scooby-Doo, “Rut row.”
Eight months ago, a cargo ship owned by JP Morgan Asset Management was seized. Over 30 tons of cocaine was found aboard with a street value of over one billion dollars.
Twenty tons of anything represents a lot of work and infrastructure, much less an illegal substance that has to be hidden all along the way. Don’t care how much gets through, the capture of this haul has got to hurt someone(s) real bad.
US authorities seize a ship owned by JP Morgan Asset Management after finding 20 tonnes of cocaine on it with a street value of $1.3bn https://t.co/dXCzwc9G6K
— Matthew Garrahan (@MattGarrahan) July 9, 2019
You can’t tell me that JP Morgan execs didn’t know what was being shipped on their ship.
A cargo ship that was seized last month with nearly 20 tons of cocaine on board — with an estimated street value of $1.3 billion — belongs to JP Morgan Chase, a source familiar with the situation confirmed to CBS News. U.S. Customs and Border Protection said this was the largest vessel ever seized in the agency’s 230-year history.
The ship, the MSC Gayane, is owned by JP Morgan Asset Management clients through a transportation fund managed by the bank, a source said. JP Morgan leased the ship to Mediterranean Shipping Co., a Switzerland-based shipping company, which is solely responsible for the vessel’s crews and operations.
JP Morgan Chase declined to comment on the record. Mediterranean Shipping Co. said in a statement, “Unfortunately, shipping and logistics companies are from time to time affected by trafficking problems.” The shipping company said it is cooperating with U.S. law enforcement on the investigation. Neither JP Morgan Chase nor MSC are targets of the criminal investigation. [CBS News]
Well, then, the management of that particular JPM fund should be questioned, prosecuted, and held responsible if they had any knowledge of the fact that their ship was used for drug smuggling. And, the captain of the ship for sure had to know and was involved.
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