I found this over at European Tribune and found it quite entertaining, as it combines two loves of mine- finance and pirates.
Somali Pirates in Discussions to Acquire Citigroup
November 20 (Gloomberg) — The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.
The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said. “You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything,” said Ali.
The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS’s are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody’s and S&P have already issued their top investment grade ratings for the PRBS’s. … [read the rest at European Tribune]
Interesting fact #1 - I studied piracy before it was popular (or, in another sense, a long time after it was really, really popular). In 2002 as part of my International Law of the Sea course, I prepared a fairly in-depth research paper on modern piracy off Africa and the Straits of Malacca.
Interesting fact #2 - While studying international shipping in Singapore in 2004, I visited an Indonesian village that was largely supported by large scale piracy and happily harboured a group of pirates. They were far from a merry band. It was one of the most surreal experiences of my life, although I did get to fire a fully automatic weapon for the first time.
Interesting fact #3 - Right now, Pirate Ransom Backed Securities (PRBS) would be the most appealing investment around. Does anyone know if I can hold PRBS in my RRSP?
Pirate cat photo by aJ GAZMEN ? GucciBeaR.
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{ 3 comments… read them below or add one }
PRBS, eh? Definitely a good choice.
Better than what the current group of crooks at Citibank are offering…
Wow, that cat looks like my Gus. I’m gonna put a scarf on his big fluffy head and take a picture.
This story would be even better if it was pirate cats buying the bank.
Pirates? Automatic weapons? Indonesia? You’re a wild one, Mr. Lawyer.