The collapse of fishing giant Blue Harvest exposes the weakness of catch share policies
In October 2023, wrecking crews finished scrapping the last of a dozen fishing boats that had once owned by the notorious New England fishing magnate nicknamed wrecking crews finished scrapping the last of a dozen fishing boats that had once owned by the notorious New England fishing magnate nicknamed “The Codfather.” Carlos Rafael, who started out as a fish gutter in New Bedford, Massachusetts, aggressively worked — and sometimes cheated — his way up the ladder, eventually coming to dominate New England’s groundfish fishery (which includes cod, hake, flounder and other white fish) before a 2017 court decision sent him to prison for nearly four years and forced him to sell off his fleet. The sale, completed during his prison sentence, would earn him another $100 million. It was a profitable end for a fishing empire built on seafood fraud, tax evasion and consolidation. So when the private equity-backed Blue Harvest Fisheries announced in 2020 that it was buying most of Rafael’s fleet and putting the boats back to work, some welcomed it as good news for the port of New Bedford, the hub of Cape Cod’s fishing industry. more, >>click to read<< 17:07
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