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Humor in Citigroup's DEMISE - " Citi's (C) Savior Found! "

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November 23, 2008 – Comments (2) | RELATED TICKERS: C

Joe Weisenthal | Nov 21, 08 11:44 AM
http://clusterstock.alleyinsider.com/2008/11/citi-s-c-savior-found-
The latest going around:


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.”

(via Bill D'Alessandro)

2 Comments – Post Your Own

#1) On November 23, 2008 at 10:11 PM, johnw106 (61.23) wrote:

Thanks for the laugh. Humor is good for the heart and the soul.

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#2) On November 24, 2008 at 3:24 AM, zygnoda (< 20) wrote:

Haa..  I was checking out the message board for c the other day.  There was guy on it talking about pirates.  I suppose this is probably why.  :)

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