A pirate stock exchange

Somali pirates set up their own stock exchange, seek investors to fund hijackings.

By Kim Peterson Dec 1, 2009 2:09PM
There's a brand-new "stock exchange" in the world, if this incredible Reuters story is to be believed.

Somali pirates have created a new exchange in Haradheere, Somalia, to fund their hijackings offshore, Reuters reports. The pirates have made tens of millions of dollars so far, and their stock exchange offers shares for anybody to buy.

"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,"  said one pirate.

The exchange, the pirates said, have "made piracy a community activity."

How does it work? Apparently, if you buy shares in a pirate enterprise, you can get a cut of the ransom money they collect.

And the increased number of shareholders has encouraged the pirates to up their random demands to about $4 million from $2-3 million, Reuters reports.

"I am really happy and lucky," said one investor (and I use the term loosely here). "I have made $75,000 in only 38 days since I joined the 'company'."

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