Friday, March 12, 2010

The pirate stock exchange

We couldn't believe it when we read it. In fact, the whole Amver staff was a bit surprised seeing the Financial Post headline Pirate stock exchange helps fund hijackings. But the truth is, according to Reuters reporter Mohamed Ahmed, there are approximately 72 companies "listed" on the exchange or "community activity" as one hijacker called it.

Is the exchange a success? 10 of the 72 listed companies had successful hijackings! The exchange is set up in the Somali town of Hardaheere which is about 250 miles northeast of Mogadishu. The Post's story quoted a town official as saying the pirate exchange and piracy activities are the main economy of the region. The ransom money even funds the public school system!

The exchange is open 24 hours a day and with ransoms paying between $2 and $4 million dollars, business is booming!

What do you think of this? Ingenious or insulting?

Photo credit: Fotolia

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