Philadelphia persecutors have seized a containers ship with 39,525 pounds of cocaine hidden in several containers according to a report from businessinsider.com. The value of the cocaine is estimated to be $1.3 billion if sold in the streets. It is the largest cocaine seizure in American history.



© AP Photo/Matt Rourke

“A seizure of a vessel this massive is complicated and unprecedented – but it is appropriate because the circumstances here are also unprecedented,” said US Attorney William McSwain. “We found nearly 20 tons of cocaine hidden on this ship.”

The ship is operated by the Mediterranean Shipping Co., but it is owned by client assets in a maritime strategy offered by JPMorgan Asset Management, according to the business insider report.

Several members of the crew have been arrested according to Homeland Security Investigations, and the investigation is going on.

According to an online ship tracker, the ship traveled through the Bahamas and many South American countries before arriving at Philadelphia seaport.

JPMorgan declined to comment according to business insider and the operating company either did not respond to their email inquiry.

Maybe JPM Morgan thinks that if the cocaine is bought with fiat is fine and drug deals are a crime only when the currency used is Bitcoin.

It is strange how those Bankers that are being caught in money laundering, market manipulation and now even massive drug deals just get small fines.

It is time to short the bankers and long bitcoin.