Skip to comments.Greenpeace Loses Group €3.8 Million in Failed Currency Gamble
Posted on 06/16/2014 4:37:32 AM PDT by PoloSec
A Greenpeace employee has been sacked after losing the environmental organisation a whopping 3.8 million (£3m, $5.1m) in a failed international currency gamble.
Greenpeace raises money through philanthropic donations, and the loss of hundreds if not thousands of people's contributions to the group will come as some shock to many anti-capitalist, green activists who donate to Greenpeace.
The organisation's communications director, Mark Townsley, told AFP: "Nothing suggests at this point that he acted for personal gain, it seems to be a terrible miscalculation," adding that the employee went "above his authority" in agreeing the deal with a broker.
"The contract turned out to be a very bad one," Townsley added.
The group, which is well known for its militant environmentalist tactics, uses fixed-rate foreign exchange deals to protect itself from fluctuations in world currencies. It is common practice among world-wide non-governmental groups, who usually employ third-party brokers to manage the currency deals.
(Excerpt) Read more at breitbart.com ...
This is the first time in decades that Greenpeace has spent its money harmlessly. I hope they’ll do it again.
Just an example of liberals whaling over their misfortune. I’ll bet the employee did it on porpoise.
Just a few questions:
1. What is the total GP portfolio?
2. What is their total portfolio gain/loss over time?
3. What principal countries do they operate in and percentages of each?
4. If they are so concerned about losses why don’t they just keep appropriate amounts in the various countries and not worry about losses on a particular currency.
5. Or, if they have that much ready cash, why not just keep it in accounts around the world in an appropriate balance>
Oh, I get it. Their broker promised them a killing by trading currency futures. I hope the broker made his killing.
Here’s a story the MSM will be wanting to get to the bottom of. /s
Hahahahahahahahahahahahahahahahahahaha breath.... Hahahahahahahahahahahahahahahahaha ROTFLMAO
they invested heavily in Exxon Mobil and they took a hit.