The cocaine is estimated to have a street value of $1.3 billion, a drop in the bucket compared to the amount of money the bank has had to shell out in fines.
By Pam Martens and Russ Martens of Wall Street on Parade
Jamie Dimon, Chairman and CEO of the Wall Street mega bank, JPMorgan Chase, has weathered one scandal after another during his tenure, including the bank pleading guilty to an unprecedented three criminal felony counts in the past five years.
Now the bank is back in the news for owning a massive container ship which was seized last week in the Philadelphia seaport by U.S. Customs and Border Protection following the discovery of 20 tons of cocaine located in containers on the ship on June 17. The cocaine is estimated to have a street value of $1.3 billion.
The container vessel is the MSC Gayane and was being operated by the global shipping firm, Mediterranean Shipping Company (MSC). The vessel is the largest ever to be seized in the 230-year history of U.S. Customs and Border Protection, according to the CBP’s publicly issued statement.
United States Attorney William McSwain released this statement about the seizure of the ship, which occurred after the United States District Court for the Eastern District of Pennsylvania issued a seizure warrant:
“A seizure of a vessel this massive is complicated and unprecedented – but it is appropriate because the circumstances here are also unprecedented. We found nearly 20 tons of cocaine hidden on this ship. When a vessel brings such an outrageous amount of deadly drugs into Philadelphia waters, my Office and our agency partners will pursue the most severe consequences possible against all involved parties in order to protect our district – and our country.”
The ship is believed to be worth about $90 million and as losses go at JPMorgan Chase, that’s a drop in the bucket…