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Security The Almighty Buck News

Somali Pirates Open Up a "Stock Exchange" 666

Posted by kdawson
from the send-in-the-sba dept.
reginaldo writes to clue us that pirates in Somalia have opened up a cooperative in Haradheere, where investors can pay money or guns to help their favorite pirate crew for a share of the piracy profits. "'Four months ago, during the monsoon rains, we decided to set up this stock exchange. We started with 15 "maritime companies" and now we are hosting 72. Ten of them have so far been successful at hijacking,' Mohammed [a wealthy former pirate who took a Reuters reporter to the facility] said. ... Piracy investor Sahra Ibrahim, a 22-year-old divorcee, was lined up with others waiting for her cut of a ransom pay-out after one of the gangs freed a Spanish tuna fishing vessel. 'I am waiting for my share after I contributed a rocket-propelled grenade for the operation,' she said, adding that she got the weapon from her ex-husband in alimony. 'I am really happy and lucky. I have made $75,000 in only 38 days since I joined the "company."'"
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Somali Pirates Open Up a "Stock Exchange"

Comments Filter:
  • by Skellbasher (896203) on Wednesday December 02, 2009 @12:33AM (#30293456)
    Have we got a great deal for you!!
    • Re: (Score:3, Funny)

      Is it the type of offer they can't refuse?
    • Re: (Score:3, Funny)

      Almost certainly better than the last one they got, ironically enough...
  • by MillionthMonkey (240664) on Wednesday December 02, 2009 @12:37AM (#30293474)
    Do you need an interactive website? Is telecommuting OK?
  • Yesss!! (Score:4, Funny)

    by jocabergs (1688456) on Wednesday December 02, 2009 @12:37AM (#30293482)
    Now half of my dream equation is complete; however, my plans will truly come to fruition the day there is a Ninja stock exchange. Then the eternal hypothetical fight of the ages past can be settled, "Who would win in a stock trade battle, Ninja's or Pirates?" (btw, by settled I mean the Ninjas will trade the shit out of the Pirates...)
  • Perhaps (Score:5, Funny)

    by nightfire-unique (253895) on Wednesday December 02, 2009 @12:40AM (#30293512)

    Perhaps we can send some folks from the BSA and RIAA over there to educate them about actual, real piracy. Might help them to stop confusing the term with copyright infringement.

    • Re:Perhaps (Score:4, Funny)

      by gmrath (751453) on Wednesday December 02, 2009 @02:04AM (#30294120)
      Perhaps we can send some folks from the BSA and RIAA over there to educate the Somalis about actual, real piracy. Might help the Somalis to stop confusing holding hostages captured on the high seas for ransom with the only True piracy: copyright infringement.
  • Why not? (Score:5, Interesting)

    by mister_playboy (1474163) on Wednesday December 02, 2009 @12:42AM (#30293534)

    Just a brief read of the article about the Dutch East India Company [] makes me wonder just how different the two really are.

    Legitimacy as a company seems to be determined by how well you succeed and how long you've been around, more than your morals or ethics.

    • Re:Why not? (Score:5, Insightful)

      by TubeSteak (669689) on Wednesday December 02, 2009 @03:19AM (#30294538) Journal

      Just a brief read of the article about the Dutch East India Company makes me wonder just how different the two really are.

      Somalia doesn't really have a functional government.
      Somali pirates are operating in a power vaccuum and will go away once it gets filled.

      OTOH, the Dutch East India Company was effectively a legally recognized government.
      They had the power to raise armies, sign treaties, invade & depose governments, etc.

      It's not just a matter of "how long you've been around".
      If you don't see the difference then you're being willfully blind.

    • Re:Why not? (Score:4, Interesting)

      by Yvanhoe (564877) on Wednesday December 02, 2009 @06:00AM (#30295238) Journal
      Exactly. Let me piratly hijack this +5 post (Yarrrr!) to add a point.
      Somalia has no official government, therefore no police, no coast guards, no naval force. What exactly is a "Spanish tuna fishing vessel" doing off Somalian coast ? I'll tell you : it is fishing illegally there. Well, illegally is a theoretic term because there are no functioning law system to prevent them doing so. So what happens ? Some Somalian fishermen gather, put money in common, arm a vessel and try to bring some order.

      Illegal fishing is a minor offense. But you have to know that illegal dumping of nuclear waste also occurred in Somalia waters. I must say that I consider it a good news that they form cooperatives instead of lord-vassal structure.

      There is also a basic fact I like to remind concerning these "pirates" : they have not killed any hostage yet. The only hostage to die was killed by a (French) military in a recovery mission.
  • by Kaz Kylheku (1484) on Wednesday December 02, 2009 @01:28AM (#30293900) Homepage

    To crack down on insider trading and other white collar crime.

  • by waimate (147056) on Wednesday December 02, 2009 @01:57AM (#30294074) Homepage

    Interestingly, this is a slightly distorted echo of how the notion of corporate structures and shared equity originated.

    In the 1600's there was a bunch of money to be made in buying ships, equipping them and sending them to the East Indies to buy spices to bring back and sell.

    But ships and equipment were so expensive that it was hard for anyone to rake together the capital to put forth an expedition, even though there would be a huge payoff at the end. So the idea of a 'joint stock company' was borne so people could club together to buy the ship and the necessaries. The Dutch East India Trading company effectively became the first public company in the world and paid an 18% dividend for over two centuries. Dutch law was made to allow pieces of the company to be bought and sold on a 'bourse' (house). Other people realised you could use the same idea for purposes other than buying ships. And here we are today, turned full circle albeit with more nefarious intent.

    But interesting that modern equity-based capitalism was invented by the Dutch.

Administration: An ingenious abstraction in politics, designed to receive the kicks and cuffs due to the premier or president. -- Ambrose Bierce