Wednesday, December 3, 2008

Heard On The Street

December 2, 2008 – 5:57 pmNovember, 2008 (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 from hijacking numerous ships, including most recently a $100 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 a AAA investment grade rating 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 have 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 coast guards and this will just allow us to guard our coasts better.”
You heard it here first!
(Oh and no, I didn't write this...I got it from a friend at Citigroup)
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Deja Pseu said...


Deja Pseu said...

Remember that Monty Python skit about Corporate Raiders where their building turns into a pirate ship and sails up Wall Street?

Belle de Ville said...

I wish that I was clever enough to have written this but I got it from a friend at Citibank.

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