The UN Dispatch went digging through the Security Council to Somalia report
on Somali pirates, and discovered a fascinating and corporate arrangement for dividing the spoils:
To be eligible for employment as a pirate, a volunteer should already possess a firearm for use in the operation. For this 'contribution', he receives a 'class A' share of any profit. Pirates who provide a skiff or a heavier firearm, like an RPG or a general purpose machine gun, may be entitled to an additional A-share. The first pirate to board a vessel may also be entitled to an extra A-share.
The Somali Pirates' Business Model
At least 12 other volunteers are recruited as militiamen to provide protection on land of a ship is hijacked, In addition, each member of the pirate team may bring a partner or relative to be part of this land-based force. Militiamen must possess their own weapon, and receive a 'class B' share -- usually a fixed amount equivalent to approximately US$15,000...
When ransom is received, fixed costs are the first to be paid out. These are typically:
• Reimbursement of supplier(s)
• Financier(s) and/or investor(s): 30% of the ransom
• Local elders: 5 to 10 %of the ransom (anchoring rights)
• Class B shares (approx. $15,000 each): militiamen, interpreters etc.
The remaining sum -- the profit -- is divided between class-A shareholders
(Image: Somali Pirates, Wikimedia Commons/US Navy, Public Domain)
Thailand’s insane lese majeste laws make it radioactively illegal to criticize the royal family, reflecting a profound insecurity about the legitimacy of the ruling elites there that can only be satisfied through blanket censorship orders whenever one of the royals does something ridiculous, cruel or both (this happens a lot).
Shelter is a human necessity second only to food on Maslow’s hierarchy of needs; but it’s also an asset-class that is increasingly relied upon by the world’s super-rich for money-laundering, rent-extraction and simple investment — this creates a dilemma for governments, who are under pressure to ratchet up the cost of a fundamental human necessity […]
Construction is near to completion on Apple’s $5B campus in Cupertino, and the project has included many odd notes, like the insistence on not having thresholds on the floor of the doorways lest daydreaming engineers trip over them, and some weird ideas about where the bathrooms should go.
The Ticwatch 2 Active Smartwatch is a simpler take on an active wearable that raised over $2m dollars on Kickstarter and is currently offered in the Boing Boing Store.Somewhere in between the single-day battery life and platform-specificity of the Apple Watch and Android Wear devices, there exists the Ticwatch. Instead of trying to shoehorn another […]
Loot Crate is a subscription service that delivers a box of curated pop culture goods to your doorstep. To sample their geeky wares, you can order a single mystery box exclusively from the Boing Boing Store.Each month Loot Crate sends you 6-7 unique items and apparel, including collectibles, books, and t-shirts. Pulling inspiration from all […]
Yes, yes there is. The ultraportable Twisty Glass Mini boasts all of the simplicity of its forebear, while fitting just a little bit better in your pocket.The Mini is perfect for casual smokers, and anyone who doesn’t have the patience or fine motor skill for rolling papers. This piece keeps the convenient design of its older […]