Yo Ho Ho and a Tanker of Oil: The Perils of Modern Piracy

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The Sirius Star is a Saudi freighter the size of an aircraft carrier, which is being held by a small band of Somali pirates. With a load of two million barrels of crude oil and a crew of twenty-five, the ship is a valuable hostage for the pirates and a potential environmental disaster if negotiations fail and an oil spill occurs. There been more than two hundred incidents of piracy this year. Guest host Sara Terry explores what’s happened to millions of dollars in ransom paid for the release of other vessels, who the pirates are and why they aren’t being caught by naval forces. Also, the Fed targets consumer spending and mortgage rates, and the perils of budget cutting. Can Barack Obama's team really root out waste in the federal budget?

Banner image: In this handout image supplied by the US Navy, the Liberian-flagged oil tanker MV Sirius Star is at anchor off the coast of Somalia November 19, 2008 in the Indian Ocean. Photo: William S. Stevens/US Navy via Getty Images