A container ship owned by JP Morgan has been seized by U.S. Customs and Border Protection (CBP) in Philadelphia weeks after authorities discovered over $1 billion dollars worth of cocaine on the vessel.
On June 17, U.S. Customs and Homeland Security led a multi-agency effort which detected inconsistencies in seven shipping containers and confiscated 39,525 pounds of cocaine. The cocaine has a street value of approximately $1.3 billion. Continue reading →
A federal judge ruled last week that the Hong Kong and Shanghai Banking Corporation (HSBC) will be forced to share a report on its business practices with the public — a decision both the bank and the Department of Justice (DOJ) fought in court to prevent. The report is based on the findings of an ongoing government audit of the bank initiated amid revelations in 2012, that it laundered money for drug cartels and terrorist organizations.
When HSBC’s sordid dealings were discovered in 2012, the DOJ declined to press charges, arguing the bank was too important to prosecute. As the Guardianreported at the time, Assistant Attorney General Larry Breuer argued “the Justice Department had looked at the ‘collateral consequences’ to prosecuting the HSBC or taking away its US banking license. Such a move could have cost thousands of jobs, he said.” Continue reading →
Last Thursday, six days before the elections here in the US, a story broke that completely slipped underneath the radar of the national media. While that in itself isn’t surprising considering our media’s proven track record in ignoring important stories, we’re really surprised that this one didn’t make headlines.
Last August, Colombian inspectors found 40 kilos of cocaine aboard the Ping May, a cargo vessel that was about to sail to Europe. While this is a fairly common occurrence these days, the ownership of the vessel is what makes this newsworthy. The vessel is owned by the Foremost Maritime Corporation. Foremost was founded and is owned by James Chao. Who is James Chao? He’s the father-in-law of the man who will more than likely be the next Senate Majority Leader; Mitch McConnell. Continue reading →