Skip to Main Content
Maxwell School
Maxwell / Moynihan

TNGO Updates

Recent happenings from the TNGO Initiative

Sterling, Toby - Greenpeace Loses $5.2M on Rogue Employee Trading

 Permanent link

Greenpeace has suffered a 3.8 million-euro ($5.2 million) loss on an ill-timed bet in the currency market by a well-intentioned — if reckless — employee in its finance department.

The environmental group, which is based in Amsterdam, said Monday the employee — who had bet the euro would not strengthen against other currencies in 2013, when it did — had acted beyond the limits of his authority.

Greenpeace International fired the employee, whom it did not identify, but said there was no evidence of fraud.

"Every indication is, this was done with the best of intentions but not the best of judgment," said spokesman Mike Townsley in a telephone interview from Mexico....

Click here to read the rest of the article.