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News of the Weird
 

Business sense


January 7th, 2010

In Somalia, which is without a central government to speak of and where very little functions beyond an Islamic resistance and individual warlords' fiefdoms, a robust "stock market" has emerged in the...

In Somalia, which is without a central government to speak of and where very little functions beyond an Islamic resistance and individual warlords' fiefdoms, a robust "stock market" has emerged in the city of Haradheere for "investors" in the seagoing pirate "industry" to raise money and supplies for kidnappers in exchange for a share of the bounty once a ransom is paid. According to a December Reuters dispatch, 72 "companies" are listed on the exchange. There even seems to be a financial bubble at work, in that since the exchange opened, pirates' ransoms have doubled to about $4 million per ship.
 
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