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With Three Felony Counts Already, Did JPMorgan Chase Really Need to Own a Ship Containing 20 Tons of Cocaine?

Courtesy of Pam Martens

U.S. Customs and Border Protection Seize 20 Tons of Cocaine from Container Ship Owned by JPMorgan Chase

By Pam Martens and Russ Martens

MSC Gayane, a Container Ship Owned by JPMorgan Chase

MSC Gayane, a Container Ship Owned by JPMorgan Chase Has Been Seized

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.

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