Is anyone surprised it was owned by an American company?!
Coincidence that Epstein was arrested the same day in the same state?
Oh, I don’t read the news or care much about current events. I just really like the movie Role Models.
I missed where they seized actual money, I thought they seized cocaine.
It was 1.3 billion dollars worth of ya yo
I’ve always enjoyed the math they use for these sensational headlines.
1.3b divided by 40000 divided by 16 would be the price per ounce. Over 2000 dollars per ounce? I doubt many street level drug dealers are selling it by the ounce, so break that down into grams by dividing by 37.5. That would mean every gram in 20 tons would have to be sold at $54 to be worth 1.3 billion.
I dont know what the price for a gram of coke is, but surely a discount is in order when you buy it by the ton.
All those numbers are better off not on the street. It’s still the biggest bust in American history and I’m sure they’ll find more and other ships. Hopefully
The story itself is kinda fishy. How does JP Morgan Chase tie into it I’m wondering. MSC isn’t owned by them.
Well we already know they use our money to invest it ways to make them money. Invest? I meant gamble
Maybe someone there thought it was a good investment.
You think they had a nose for that kinda thing?
LMAO. That was really funny.
I thought the thing was the Chase owned the ship and rented it out to people. And they people that rented it happened to put a ton of coke on it so chase isnt really directly linked? Or was i misunderstanding?
Birds of a feather… J P Morgan was supposed to be on the Titanic but got tipped off to cancel that trip. He was also a founding member of the Federal Reserve. So I’m not on their side when it comes to a story like this. If you own a car and the driver gets pulled over with cocaine, you can bet the law will be asking you questions!
This right here. Headlines have a bigger impact if you slap a well known large corporation on them and call them the devil. Just slapping Chase’s name on it (you know that company that probably foreclosed on your dear aunt Betty, or slapped an overdraft charge on you that one time) will get more people to click the article than “Ron’s shipping service”.
Also, some quick google searches do confirm street pricing at $50 per gram average in the US as of 2018 (making it $50,000 per kilo), however the volume discount for a kilo is $1,800 in Columbia, and by the time it gets to the US is about $20-30k depending. So, at best, the price inflation was double what it probably really should be, again for a larger impact.
Liberian registered ship, currently sitting in Philadelphia port…
That site also claims the seizure was (over) 16 tons (which 40,000 lbs technically is, but seem a little abusive of rounding). They still claim the value is ~$1bn…
This article (if you kinda skip to the bottom, ignoring some…warning signs) traces the lineage through MSC (whose name is on the vessel) to SinOceanic to HNA, the last two being Chinese holdings…
Still not seeing the Chase connection…
Interesting, all the same.
Note to self: if I’m ever going to develop a coke habit, get some Colombian friends so we can cut out all the hands in the middle…
JP Morgan Chase appears to manage a fund that MSC is part of. There doesn’t seem to be any day to day management decisions made by JP Morgan Chase at the MSC level. Someone followed the money and that’s where it stopped but that doesn’t necessarily mean anything. Saying the ship or cocaine was ceased from JP Morgan Chase is a bit of a stretch.
Is it though? If you lower the supply without lowering the demand you create a market for higher prices and hostile competition. Both of which lead to already desperate people resorting to even more desperate measures. There will be more crime and violence because of it. Not to mention product getting stepped on and mixed with who knows what.
Don’t bring logic into this sensational news!
At least we can be secure knowing whomever is responsible for loading this much coke on a freighter will face … probably no jail time because they’re rich. Whereas the guys selling it at street level would be looking at 2 to 20 in the pen if they got popped.