Posted on 07/09/2019 4:04:48 PM PDT by bitt
Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co. and owned by JPMorgan Asset Management. That came weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history. At least a half a dozen crew members have been arrested, according to Homeland Security Investigations, and the investigation is ongoing. Visit Markets Insider for more stories. Federal prosecutors in Philadelphia have seized a container ship operated by the Mediterranean Shipping Co., weeks after authorities found more than $1 billion worth of cocaine on the vessel in what was one of the largest drug busts in American history.
US Customs and Border Protection seized the ship on July 4, a statement out Monday said. The ship is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to a person familiar with the matter. It is operated by the Switzerland-based MSC.
On June 18, CBP agents found 39,525 pounds of cocaine stashed in several containers on the MSC Gayane at the Philadelphia seaport. The street value of the drugs was estimated at about $1.3 billion, making it the largest cocaine seizure by the agency.
(Excerpt) Read more at aol.com ...
p
Welllll!
Just d-mn
apparently there “isn’t enough money” in banking anymore?
Gives “sailing the high seas” a whole new meaning.
Old news. And besides, the drugs were bound for the yewwww. Not the U.S.
“Watch the Water” sounds good to me...Q says...
Obama sad.
Any chance of freezing JPMorgan’s entire assets until the grand jury comes out with the indictments.
The delivery for the summer party at the Hamptons? Tis a shame.
JP Morgan owned the ship. They didn’t run the drug operation. Seizing their total assets is like seizing all of Enterprise’s assets because someone was transporting drugs in one of their rental cars.
Root of all evil in the World - BANKS, BANKERS, BANKING...
https://www.youtube.com/watch?v=WVxWPkMXOmw
I rather doubt that anyone at JPMorgan had anything to do with this. Probably shipyard guys.
A 1.3 billion dollar loss has got to put a dent in your bottom line, I don’t care who you are.
This is how ships and airplanes are typically held, through leasebacks. You pick out the ship or airplane you need for your business, and then get a large financial institution to buy it and lease it back to you. It is basically like a triple net lease in real estate, where the operator is responsible for everything that goes on.
I’m sure smuggling drugs was a violation of the lease terms, and I wouldn’t be surprised if JPM sues the operator.
i doubt they knew anythign about it
That’s a protected shipment, with the profits to go to the Anyone But Trump, 2020 campaign. They were supposed to leave it alone. :)
After doing some research, I have discovered that JP Morgan Asset Management “is a leading asset manager for individuals, advisors and institutions. Our investment professionals are located around the world, providing strategies that span the full spectrum of asset classes.”
So, essentially, they take institutional money and invest it in ship and airplane leasebacks, along with real estate. Whether JPM or the investors take the loss would be an interesting question. They probably have a lot of insurance coverage just in case something like this happens, some of which would be laid off to major reinsurers.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.