Tons Of Cocaine Was Caught From The Ship Owned By Jp Morgan

Max news ^

[TigerClaws]

In one of many largest drug busts in U.S. historical past, federal authorities in Philadelphia seized practically 20 tons of cocaine—worth about $1 billion— last month from a ship owned by JP Morgan’s asset management arm.

JP Morgan didn’t instantly reply to a request for remark from Forbes.

U.S. Lawyer William McSwain mentioned in a tweet that the sheer quantity of cocaine may have killed “hundreds of thousands” of individuals. A federal criminal investigation into the alleged smuggling working is ongoing.

“This is among the largest drug seizures in the United States historical past. This quantity of cocaine may kill hundreds of thousands – MILLIONS – of individuals. My Workplace is dedicated to keeping our borders safe, and streets secure from deadly narcotics,” the tweet reads.

This isn’t the primary time MSC has experienced issues with drug trafficking aboard its ships. Earlier this year, authorities in Philadelphia found 13 massive black duffel bags with a combined 450 bricks of cocaine being shipped in certainly one of MSC’s shipping containers.

“Sadly, delivery and logistics firms are every now and then affected by trafficking issues. MSC has a historical past of cooperating with U.S. federal legislation enforcement companies to assist disrupt illegal narcotics trafficking and works carefully with U.S. Customs and Border Protection (CBP),” the company stated in a statement.

[TigerClaws]

2009 story.

Drug money saved banks in global crisis, claims UN advisor

https://www.theguardian.com/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims

[Pollard]

was caught?

[unread]

"My Workplace is dedicated to keeping our borders safe, and streets secure from deadly narcotics,” the tweet reads."

Dude, You should find a new job, you suck at this one...

[Larry Lucido]

JP Morgan didn’t instantly reply to a request for remark from Forbes.

Probably because he'd been dead for almost 100 years by the time Forbes asked for the "remark" and the blog reported it.

[Larry Lucido]

This quantity of cocaine may kill hundreds of thousands – MILLIONS – of individuals.

So how should these hundreds of thousands - indeed, MILLIONS - of individuals, celebrate the 10 year anniversary this blog post and being still alive (if indeed they are still alive)? Who is buying the drinks?

[nathanbedford]

We all can recite the old bromide about the definition of insanity.

Here is a reply I posted on May 12, 2014, and ever since then we have been doing more of the same expecting different results:

If you want to know why the war on drugs is lost start thinking about it the way Adam Smith and Warren Buffett would think about it. Adam Smith would talk about the law of supply and demand and he tells us that when the demand goes up so does the price; when supply goes down, the price goes up. When the demand is inelastic, that is, when it is the product of an addiction, the price curve is even more radical in its upward thrust when supply is reduced. Therefore, the more the government succeeds in interdicting the supply of addictive drugs, the more it increases the price and thereby increases the incentive to increase supply. The more the government succeeds, the more it must fail.

That is why drug smugglers and dealers are so wonderfully inventive in evading the law and will ever continue to be so unless you want to live in North Korea.

Without putting words in Warren Buffett's mouth, his criteria for investing in an enterprise are well-known. He wants a company with a unique product and a huge market potential. What better than an addictive drug? He wants company with high barriers to entry against competition. What better barrier than the law and what better barriers than drug enforcement agencies raiding your competition? And if competition becomes too serious, this business model says you simply eliminate it by murdering them.

Buffett would be very intrigued by the idea that costs are extremely low, markup extremely high, and the price is ever supported by the government! By making drugs illegal, the government in effect has enacted price supports. By selling into an inelastic demand of addicts, the market as well as price are virtually guaranteed.

Because the price is high, addicts are incentivized to push the drugs onto others in order to addict them, to create a mini market which funds their own addiction. What a wonderful business model! On the macro level it is a multilevel marketing scheme on steroids, or should I say, powered by addiction, and supported by the government.

Meanwhile, this wonderful marketing scheme generates so much money that corruption is inevitable. Worse, our enemies in the Muslim world and elsewhere have exploited this market to our disadvantage and national security peril. Meanwhile, our only politically correct response is a full throated roar: "do more of the same."

(The result we will get this time: we just boosted the price and therefore the incentive to deal drugs by $1 billion)

[TigerClaws]

And from 2017.

Big US banks to push for easing of money laundering rules

https://www.cnbc.com/2017/02/16/big-us-banks-to-push-for-easing-of-money-laundering-rules.html

[RomanSoldier19]

So thats how stock gets high

[PeterPrinciple]

Your assumptions involve a free market. If the penalty for drug use and sales was death, what would happen?

In fact if the penalty for speeding was death, how many speeding tickets would be issued?

Because of the nature of man, there is no easy solution. But history does teach us some things. We might look to prohibition and say it was a failure if looked at in isolation . But if we understood the times, the whole system of the time, it changed society. There was tremendous per capita consumption, and moral degradation at the times began a generational movement that raised the moral stature of our culture. Yes it went to far but look at the big picture.

We are more than just economics.

I

[Thank You Rush]

“”Dude, You should find a new job, you suck at this one... “”

To whom are you replying? Where’s the tweet you’re referring to?

[cuban leaf]

So, if that stuff is found in your car, they take your car. Same thing here?

[unread]

Very well put...
As I sit here in this pile of rubble I begain to realize that economics is not one of my strong points... :)

[unread]

Hmmm... Neihter is spelling.. That should be “began”.. :)

[NobleFree]

If the penalty for drug use and sales was death, what would happen?

Drug dealers kill each other all the time, yet the drug trade continues; our system of trials, presumption of innocence, and the Fourth and Fifth Amendments could never make more than a marginal increase in the existing threat to life.

We might look to prohibition and say it was a failure if looked at in isolation . But if we understood the times, the whole system of the time, it changed society. There was tremendous per capita consumption, and moral degradation at the times began a generational movement that raised the moral stature of our culture.

Actually, the nongovernmental noncoercive Temperance movement that preceded Prohibition accomplished most of the change.

[babble-on]

Surprised to read a post in favor of oppressive totalitarianism here, but there you go.

[Principled]

From Google translate?

[Clutch Martin]

“So, if that stuff is found in your car, they take your car. Same thing here?”

The vessel is seized.

[nuconvert]

Poorly written. Here’s more info :

” 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.” (MSC)

[pepsionice]

If you go and ask the cops the relative price for cocaine, and rate it over forty years (since the Reagan era)....nothing has changed the pricing level. With all of the billions spent on police and foreign assistance to disrupt the traffic...the pricing remains virtually the same.

If you can’t disrupt the flow or pricing, then the only objectives left are to take customers out of the mix...mandating they spend 90 days in rehab each time they are caught with any cocaine in their system...or you make the stuff yourself and sell it at 10-percent of what the dealers make (driving them out of business real quick).