« | »

Greenpeace Loses $5.5 Million In Currency Speculation

From the Agence France Presse:

Greenpeace worker loses 3.8 mn euros in bad currency bet

June 15, 2014

The Hague (AFP) – A Greenpeace employee has been fired after losing the environmental charity 3.8 million euros ($5.15 million) in a failed gamble on international currency markets, the group said on Sunday.

"Nothing suggests at this point that he acted for personal gain, it seems to be a terrible miscalculation," Greenpeace communications director Mike Townsley told AFP.

The unnamed employee "went above his authority" in agreeing the deal with a broker who was meant to mitigate currency losses for the charity, he said.

"The contract turned out to be a very bad one," Townsley said, adding that an internal investigation is underway.

Netherlands-based Greenpeace, like many big charities, agrees fixed-rate foreign exchange deals with third-party brokers to try to protect themselves from world currency fluctuations.

"It is common practice for organisations like ours, with a worldwide presence," Townsley said.

Really? Who knew they were so concerned about money grubbing?

"We would be too exposed to currency fluctuations and risk to lose a lot of money."

But just imagine the uproar if Bain Capital did this!

Greenpeace, known for its militant anti-drilling campaigns at oil rigs in the Arctic, has a total annual budget of around 300 million euros…

Which is about $407 million dollars. That is a lot of blubber and whale oil.

No Greenpeace campaign will suffer as a result of the loss, which will be absorbed by reducing expenses such as infrastructure over the next two to three years.

"We would like to apologise" to donors, Townsley said. "We will do whatever it takes to make sure it doesn’t happen again."

And to make sure they always come out on top in currency manipulation deals.

This article was posted by Steve on Monday, June 16th, 2014. Comments are currently closed.

2 Responses to “Greenpeace Loses $5.5 Million In Currency Speculation”

  1. canary says:

    Greenpeace are economy and company terrorists. They want people to live like animals.

  2. untrainable says:

    No Greenpeace campaign will suffer as a result of the loss? Really? You lose 5.5 million dollars and no campaign suffers… at all? You just reduce infrastructure for 2 or 3 years and you’re even? Maybe you tree huggers should talk to Obama about managing our tax money.

« Front Page | To Top
« | »