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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk
SOXL 70.09+7.9%4:00 PM EST
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From: da_cheif™11/21/2008 2:19:54 PM
4 Recommendations   of 208133
 
" Somali Pirates in Discussions to Acquire Citigroup


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!
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