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When is your Green Charity too big? When it loses $5m currency trading

Posted By Joanne Nova On June 18, 2014 @ 2:18 am In Global Warming | Comments Disabled

  • We need a Big News break for a day or so. Part V coming soon. Discussion is animated. — Jo

Financial speculation on currency sees Greenpeace lose €3.8m

[BlueandGreen] Campaign group Greenpeace lost €3.8m (£3m, or $5.5m AUD) after an employee took a gamble on the currency market in 2013, it has been revealed.

The employee responsible for losing the money took a gamble on the euro remaining weak against other currencies. However, the euro strengthened later in the year, resulting in the losses.

Greenpeace, save whales, trees, and help financial houses too. Who knew?

That $5m you were thinking of donating? Don’t bother, it wouldn’t have made any difference anyhow:

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

I don’t think this is quite the message Greenpeace meant to send.

Big-Green has truly become the Big-Business they pretend to oppose. Greenpeace has a total annual budget of around €300 million. It’s so big, it has to trade currencies, make property investments, and deal with “infrastructure”.

h/t Tim Blair    See also the  Sydney Morning Herald and The Guardian.

 

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