JPMorgan Hires Supertanker for Storage, Brokers Say
By Alaric Nightingale
June 3 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
JPMorgan, which has never hired an oil tanker based on data compiled by Bloomberg going back five years, follows companies including Citigroup Inc.’s Phibro LLC unit and BP Plc in hiring ships to store crude or oil products at sea. The firms are seeking to take advantage of higher prices later in the year.
What is going on here? JP Morgan got a handout from us the taxpayer, right? So what are they doing with our money? Speculating on the cost of oil by reducing the supply which they believe will drive up the cost of oil.
Who wins in this scenario? Do you? Do I? NO! Only the greedy scumbags using our own money to steal more from us. These thieves should be taken out to the gallows and hung.
What is going on here? JP Morgan got a handout from us the taxpayer, right? So what are they doing with our money? Speculating on the cost of oil by reducing the supply which they believe will drive up the cost of oil.
Who wins in this scenario? Do you? Do I? NO! Only the greedy scumbags using our own money to steal more from us. These thieves should be taken out to the gallows and hung.
1 comment:
Nice background! I just figured out how to have a three column layout. I can add more links:) Who knew blogging could be so easy and fun?
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