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Pirate humour rules Wall Street
Old 11-21-2008, 06:55 PM   #1
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Pirate humour rules Wall Street

Pirate humour rules Wall Street
Andrew Willis, today at 11:20 AM EST

Argggg, Maties! Here's what shell-shocked financiers are laughing at on Wall Street Friday morning in a phony Bloomberg story:

Somali Pirates in Discussions to Acquire Citigroup

By 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 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."


BN 10:24 *CITI IN TALKS WITH SOMALI PIRATES FOR POSSIBLE
CAPITAL INFUSION


BN 10:25 *WILL REQUIRE ALL CITI EMPLOYEES TO WEAR PATCH OVER
ONE EYE


*SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP


*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
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Old 11-21-2008, 08:09 PM   #2
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Good one!.....
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Old 11-21-2008, 10:02 PM   #3
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For some reason I was reminded of this.
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Old 12-17-2008, 01:01 PM   #4
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carrrrr czarrrrr
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