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To: mishedlo who wrote (90773)	11/24/2008 12:13:31 AM
From: Proud Deplorable	2 Recommendations Respond to of 116555

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.”

To: mishedlo who wrote (90773)	11/24/2008 12:16:56 AM
From: Proud Deplorable	2 Recommendations Respond to of 116555

"The government is not expected to require any management changes, as that was seen as potentially being too destabilizing." Well then permit us to.....

To: mishedlo who wrote (90773)	11/24/2008 12:38:05 AM
From: Sr K	Read Replies (1) \| Respond to of 116555

bloomberg.com Dividends: Institution is prohibited from paying common stock dividends, in excess of $.01 per share per quarter, for 3 years without UST/FDIC/FRB consent Summary of Warrant Terms Warrant: Institution will issue a warrant to UST for an aggregate exercise value of 10% of the total preferred issued to USG (in both transactions) ($2.7 bn). Exercise Price: The strike price will be equal to $10.61 per share (the 20 day trailing average ending on November 21, 2008). The warrants issued to UST are not subject to reduction based on additional offerings. Term: Ten years, immediately exercisable, in whole or in part.

To: mishedlo who wrote (90773)	11/24/2008 12:47:29 AM
From: John McCarthy	Respond to of 116555

Need some clarity - is the government guaranteeing assets ON THE BOOKS -or- those assets you mentioned that were OFF THE BOOKS -or- both? regards John