OT:Asset Seizure Goes Both Ways

https://www.msn.com/en-us/money/markets/jpmorgan-chase-is-caught-in-us-russia-sanctions-war-after-overseas-court-orders-440-million-seized-from-bank/ar-AA1nBs0a

JPMorgan Chase is caught in U.S-Russia sanctions war after overseas court orders $440 million seized from bank

Joe will be getting a call from Jaime.

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I wonder if the Iron Bank will get it’s way?

Andy

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As I stated a few days ago and prior to the announcement of this bill:

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Until the US becomes a dictatorship, law is supposed to rule here. I’m not altogether sure that seizing assets, because Congress says so, is quite in alignment with Constitutional guarantees of legal due process.

Steve

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As long as the govt pays “fair value/market price” for what it takes (Fifth Amendment), there is nothing that violates the US Constitution.

I don’t think Russia is covered under our Constitution.

If you’re a U.S. company or a U.S. citizen (other than embassy staff), and you’re foolish enough to be in Russia, it’s at your own risk (IMNSHO).

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What’s his brains, the one that was grabbing people off the street and tossing them in prison, without legal due process, was trying to insist that the Bill Of Rights only applied to citizens. But then he tossed US citizens in prison without legal due process too. Reading the Bill Of Rights, I see no such limitation. Otherwise, every tourist that comes here would need to be handed a disclosure that they are subject to arrest without charge and imprisonment without legal due process.

The Russian assets in question are not in Russia. They are elsewhere, the EU or US mostly. The principle remains. As appealing as the idea may be, seizing Russian assets, without legal due process, would put Shiny-land in the same league as other banana republics with some jumped-up piece of poo in charge.

Steve

1 Like