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comment by steve
steve  ·  264 days ago  ·  link  ·    ·  parent  ·  post: Cargo ship owned by JPMorgan Chase seized by US with 20 tons of cocaine

hahahaha... I didn't notice your use of blatant... and then I turned around and used it. I don't know... I can understand your point of view, I feel like CNN was really trying to make a tie that isn't as strong as they would like. I mean... isn't a story about 20 tons of cocaine being seized enough? it just feels like this is like starting every headline with "Wells Fargo owned vehicle kills pedestrian" or "Quicken Loans owned home reposessed for being a brothel" albeit on a much, much larger scale. MSC is certainly at fault - but their bankers? It just feels like a really, really long reach.

    the ship, the MSC Gayane, is part of a transportation strategy fund run for the bank's asset management unit.

    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.

But perhaps not. I'm all for pulling the big boys down into the muck when they know what's up... but in this case, I just don't know how much anyone at JPMC would know about the cargo being hauled by a ship one of their customers financed, and nothing in the article made a strong enough tie for me to think otherwise.