Take the money and run

by jaredmoshe
November 24, 2008 4:16 AM
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Paul Krugman blasts the Citicorp deal on his blog. If you want to get a a sense of how screwy all this is, look at this piece:

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 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.

And in a lighter note, check out how one Minnesota voter decided to protest the candidates. And I kinda agree. I'm all about the democrats, but does Al Franken really belong in the Senate?

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