SC Steve Bossin Posted November 22, 2008 Share Posted November 22, 2008 http://www.theglobeandmail.com/servlet/sto...ry/WBstreetwiseSomali Pirates in Discussions to Acquire CitigroupBy Andreas Hippin November 20 (Bloomberg) -- 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 tooffer 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 Citigroupat 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."*CITI IN TALKS WITH SOMALI PIRATES FOR POSSIBLE CAPITAL INFUSION*WILL REQUIRE ALL CITI EMPLOYEES TO WEAR PATCH OVER ONE EYE*SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP*PAULSON: TARP PIRATE EQUITY IS AN `INVESTMENT,' WILL PAY OFF*KASHKARI SAYS `SOMALI PIRATES ARE 'FUNDAMENTALLY SOUND' '*Moody's upgrade Somali Pirates to AAA*HUD SAYS SOMALI DHOW FORECLOSURE PROGRAM HAD `VERY LOW' PARTICPATION *SOMALI PIRATES IN DISCUSSION TO ACQUIRE CITIBANK *FED OFFICIALS: AGGRESSIVE EASING WOULD CUT SOMALI PIRATE RISK * FED AGREED OCT. 29 TO TAKE `WHATEVER STEPS' NEEDED FOR SOMALI PIRATES*is dead*Ransom backed securities :lol: Quote Link to comment Share on other sites More sharing options...
FalconbIaze77 Posted November 22, 2008 Share Posted November 22, 2008 WHAT!? Quote Link to comment Share on other sites More sharing options...
edZep Posted November 22, 2008 Share Posted November 22, 2008 Did the Pirates finally leave Pittsburgh ?Good for them ! Quote Link to comment Share on other sites More sharing options...
rounz Posted November 22, 2008 Share Posted November 22, 2008 :lol: :lol: Somehow a perfect commentary on the times we are living in. Quote Link to comment Share on other sites More sharing options...
SC Steve Bossin Posted November 22, 2008 Author Share Posted November 22, 2008 WHAT!?*checks this candy *** jabroni into the smackdown hotel* Quote Link to comment Share on other sites More sharing options...
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