Greenpeace Takes $5.1 Million Bath in Unauthorized Currency Speculation

Maybe stick to the protests next time.

Greenpeace said an employee at the group’s international finance unit in Amsterdam speculated on a weak euro last fall, causing the organization to take a bath when the euro strengthened. The group reported a loss of about $3.8 million euros, or about $5.1 million, for an end-of-the-year budget deficit of about $9.2 million.

The environmental advocacy group said the trader had made the deal without approval, though had not done so illicitly; he has since been terminated, and the group apologized.

“We offer a full apology to our supporters for the series of errors that led to the loss,” Greenpeace said in a statement. “We further wish to reassure people that every possible action is being taken to avoid the possibility of such a loss ever occurring again in future.”

[h/t Guardian]

[Image via ChameleonsEye / Shutterstock.com]

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