somali pirates in discussion to buy Citigroup

[lester1/2jr]

I don't know why the US is bailing out Wall street.  why would anyone every again invest in companies that are going to make billions of dollars for themselves and then lose big and it's the sharholders who get the bill?  why would I want a huge  bill?  why does America want to help these horrible people?

http://www.dartblog.com/data/2008/11/008414.php

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."


these prbs's sound like good investments however

[Menard]

I don't see how the Somali pirates differ from the pirates who already own it.

[raj]

I don't see how the Somali pirates differ from the pirates who already own it.

The Somali pirates are at least honest about it.

[zombie no.one]

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."

he then added "ARRR..." and motioned, ominously, towards 'the plank'