Last week a container ship owned by JPMorgan Chase was seized by U.S. Customs and Border Protection when it found 20 tons of cocaine located in containers on the ship. On the street the cocaine can garner $1.3 billion.
This is not the only ship Chase owns. An article in Institutional Investor states that “J.P. Morgan Global Alternatives has $1.26 billion in institutional client capital dedicated to shipping strategies, and says it ranks in the top 5 percent of ship owners globally.”
Owning companies is not unique to Chase. The Federal Reserve Bank of New York issued a study in July 2012 titled “A Structural View of U.S. Bank Holding Companies.” The study showed that U.S. bank holding companies owned 16 utilities; 479 insurance companies; 2,388 real estate firms; 1,682 healthcare and social assistance companies; and 5 mines. The public also learned from Senate hearings in 2014 that Wall Street’s largest banks own at least 104 metal warehouses with complaints coming from beer and soda manufacturers that these firms control the London Metal Exchange and are rigging the price of aluminum.
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