On Sept. 14, 1723, the cargo ship Princess Galley, on its way from London by way of Africa, entered the Caribbean Sea.

The ship was closely laden.

Its captain noticed an additional ship, sails distribute, promptly approaching. The other ship ran up a black flag.

The skull and crossbones was only just one of many designs used by pirates of the early 18th century. Other flags highlighted “bleeding hearts, blazing balls, hourglasses, spears, cutlasses, and complete skeletons.” The goal of all this sort of flags was the exact: “to underline the message that the pirates predicted fast surrender or the repercussions would be lethal.”

I have these facts from “Under the Black Flag: The Romance and the Fact of Lifestyle Between the Pirates” by the naval historian David Cordingly. He tells the unhappy destiny of the Princess Galley, whose attempt at escape swiftly proved futile. The pirates used a entire 24 several hours systematically looting the ship, seizing every thing of value, together with food and fixtures. They tortured the ship’s officers to make absolutely sure they didn’t overlook just about anything. For very good measure they also press-ganged two crew members with beneficial capabilities, a surgeon’s mate and carpenter.

Although old-model ship piracy nonetheless exists (Tom Hanks even made a movie about it), new forms have sprung up to carry out the very same objectives without the need of the tar, heaving decks and hazard of cutlass wounds.

Contemplate what are often called “vulture cash.” These are providers that spot vulnerable targets, then board them by using a large possession stake, often shelling out for the financial commitment by burdening the boarded ship with personal debt. The pirates then systematically loot the corporation, taking their time, demanding the type of extra fat returns that can be obtained only by marketing main assets, right until the vacant hull is sailed into its final berth in individual bankruptcy courtroom.

But the term “vulture fund” is unfair to vultures, who usefully feed on animals that are by now dead. The option label “vampire fund” is far more descriptive. But whichever phrase is used, it describes an age-aged kind of parasitism.

It is tough, and probably even unattainable, to assume of a…