SOUTHAMPTON, UNITED KINGDOM - JUNE 19: A container ship carries cargo as it leaves Southampton Docks on June 19, 2006 in Southampton, England. Southampton Docks are owned by Associated British Ports (ABP), which runs 21 British ports. A group led by Goldman Sachs and a consortium led by Australian company Macquarie AB Ports are in a bidding war to takeover ABP.
US authorities have seized 20 tons of cocaine in in Philadelphia on a cargo vessel. Shockingly enough the ship is owned and run by banking giant JPMorgan Chase.
It run by the bank’s asset management unit and that means JPMorgan Chase does not have any operational control of the ship. The bank had no comment.