February 17, 2011

"Market forces work everywhere"

Investment News "According to published reports, Somali pirates have created a stock exchange to manage their ill-gotten gains." By Darla Mercado

'These scourges of the Gulf of Aden have been attracting dozens of investors over the course of the last four months, according to a Reuters returns. The burgeoning exchange, located in the coastal town of Haradheere, Somalia, started with 15 “companies” and is now up to 72 entities, the news service found.

'A wealthy former Somali pirate named Mohammed told Reuters that shares in the exchange are open to all who would like to participate. Investors receive shares in a pirate company by taking part in a raid on a ship. Backers who don't want to go that far can also get shares by providing cash or weapons to the pirates. Investors are paid dividends – a cut of the ransom money.'

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