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

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BY TEAM DML / JULY 10, 2019 /

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by CNN.com:

New York (CNN Business) — 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.

The article goes on to state the following:

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.

SF Gate reports:

“A seizure of a vessel this massive is complicated and unprecedented – but it is appropriate because the circumstances here are also unprecedented,” said US Attorney William McSwain. “We found nearly 20 tons of cocaine hidden on this ship.”

At least a half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing. Charges included conspiracy to possess cocaine aboard a ship.

To get more information about this article, please visit CNN.com. To weigh in, leave a comment below.

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6 Comments

  1. James Bagwell July 10th, 2019 at 11:06 pm

    Jamie Diamond has a big habit it seems.

    Reply

  2. Donna Kay Wright July 10th, 2019 at 11:54 pm

    I may be way off base here but let me toss out a thought that crossed my mind. We all know that it was government regulations that basically primed the well for the collapse of Wall Street – which was probably strategically done. We know tax money was used to bail out Wall Street and paid huge bonuses to those who brought that debacle to fruition. What some may be totally unaware still is the Obama Administration provided tax payer bail out money to groups/entities that were not only not part of Wall Street per se but also didn’t need bailing out – they used tax payer money and acted like it was Christmas and gifted groups/entities of their choosing and by doing so, I believe, committed great abuse and fraud. All that being said, let’s go a step further and assume some of that money also was invested in things like drug trafficking, human trafficking, etc. It suddenly explains why some push for open borders and fail to pass legislation to secure our nation. I wonder how much tax payer money might have been invested in this business venture. I’m willing to bet many in Congress and other powerful positions along with banks, Hollyweird, et al are heavily invested in many illicit trades. Just saying … I don’t think those involved in this particular case were naive or not aware.

    Reply

    • Gladys McAlevy July 11th, 2019 at 8:26 am

      Spot on

      Reply

  3. Lyn July 11th, 2019 at 3:40 am

    Yup…nail on the head Donna Kay Rice

    Reply

    • Beth July 11th, 2019 at 5:08 am

      Like the AIG, bailout. Where congressional Senate pensions are held. Where the upper crust management took their ” millions” and retired. Jp Morgan has always been power hungry

      Reply

  4. Sandra Thompson July 11th, 2019 at 6:44 am

    So much corruption and so many involved, the sad thing is it keeps happening and time after time these Elites get away with crimes and abuse of power.
    Obama came out of office with millions of dollars as so many of these corrupt politicians do.
    When is there accountability for these Elites? Unfortunately they have fronts that cover up their involvement and they get away with it.
    Donna Kay Rice is absolutely correct in her assessment of what happened and still is.

    Reply

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