WarrenJ Posted November 22, 2008 Report Share Posted November 22, 2008 Somali Pirates in Discussions to Acquire Citigroup By Andreas Hippin November 20 – 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. Head pirate, Ubu Kalid Shandu, said: "We need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets has allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster." Shandu added, "We don't call ourselves pirates. We are coastguards, and this will just allow us to guard our coasts better." There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
JimD Posted November 22, 2008 Report Share Posted November 22, 2008 Jim Drive your car. Use your cell phone. CHOOSE ONE ! Link to comment Share on other sites More sharing options...
Patrick7997 Posted November 23, 2008 Report Share Posted November 23, 2008 That was great.... Link to comment Share on other sites More sharing options...
Texas Jim Posted November 23, 2008 Report Share Posted November 23, 2008 Good one. Link to comment Share on other sites More sharing options...
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