Forget pirate radio, how about the pirate stock exchange? Somali pirates have created a stock exchange of sorts to fund their hijacking activities, Reuters reports.
The U.S. and other nations have committed naval warships and even aerial drones to the shipping lanes around the Indian Ocean and Gulf of Aden, but pirates from lawless Somalia have continued to attack ships at will.
Now even landlubber Somali civilians can invest in one of 72 "maritime companies" and hope that their favorite pirate band strikes it rich with the successful ransoming of a captured ship and crew. People don't even need to invest cash – RPGs and other weapons also accepted at the main pirate lair of Haradheere.
One wealthy former pirate told Reuters that the stock exchange had won local support by making piracy into a "community activity," which may underscore the root of the problem for nations seeking to battle piracy as a symptom.
Investing in piracy might evoke moral outrage similar to that which plagued early prediction markets. DARPA attempted to set up a prediction market in 2003 for intelligence experts to bet on certain events taking place, including terrorist attacks and assassinations, but had to shut down the operation after an angry Congress slammed it as a "sick" terrorism futures market.
Still, there's a big difference between using a relatively closed prediction market to bet on certain outcomes for intelligence-gathering purposes, and investing directly in a group responsible for carrying out illegal activities such as piracy. And if a prediction market bets on more optimistic things, such as PopSci's PPX, the moral element becomes a non-issue.
As for the pirate stock exchange, it seems like just another natural step for Somali communities that increasingly depend on illegal activities for economic subsistence. Somali pirates put a percentage of their ransom money back into their communities to pay for hospitals and public schools. Reuters quotes a woman who contributed a rocket-propelled grenade to one group of pirates and eagerly anticipates the dividends.
This suggests that all the high-powered Navy weapons or non-lethal gadgets in the world won't solve that problem -- much as we love our anti-pirate gadgets:
One American's pirate is a Somali's respectable businessman ....
Soooo... how much money can you get back from one of their raids :)
I'm tempted to invest in pirate hunting pleasure cruises.
A heavily armed and armoured small ship made to look like a tempting target crewed by people who pay for a chance to hunt pirates.
I'm sure that a few shipping insurance companies wouldn't mind quietly investing the odd RPG to help out.
This reads like an Onion article. I'm terrified that it isn't.
this has what to do with science?
So do these "maritime companies" provide full disclosure to their investors? Where is their equivalent of the SEC to make sure they aren't using Hollywood accounting methods to continually show a loss to the public while the executives continually earn big bucks? Without some kind of law enforcement system, it seems this will just break down into everyone fighting among themselves for ambiguous profits. And in a place like Somalia, how easy would it be to increase your share of the returns by simply bumping off some of the other investors?
@Jedigeek93 diddo but of course i have been suppling these pirates for years already and am getting quite a nice cut %20
How much is that exactly?
i hope to god that ur joking uncleiroh13
Why not level Haradheere and any other havens that support and aid the pirates.
read enough of these articles and you'd know that is... i hope. lol.
These pirates know it's not long till they are all going to be subject to Reaper drones. And as far as I'm concerned, if Mr. Reaper thinks you are going armed with intent; and then leaves no recoverable evidence after interdiction? For the next couple of years anyway, I got no problem with that. This is getting too big.