Casino-Capitalism At Greenpeace! “Blows Millions In Donations” In Currency Speculation! “Rocked By Finance Scandal”

Looks like the anti-capitalist, tree-hugging Greenpeace organization doesn’t practice what it preaches when it comes to the evils of capitalism.

A number of newspapers in the German speaking part of Europe are reporting how the environmental activist organization took millions of the money received as private donations and has blown it in high-risk casino-grade investments – instead of using it to protect the environment.

Spiegel here reports, “Greenpeace has been rocked by a finance scandal” and that it has “blown millions from donations“. According to Spiegel:

An employee at Greenpeace Central in Amsterdam lost a total of 3.8 million euros in currency speculation. According to Spiegel information, the money comes from donations transferred to Amsterdam Central from financially sound Greenpeace regional organizations like those in Germany…”

Note how the blame gets shifted to “an employee”, as if Greenpeace management is not accountable. Well, management is responsible and those donating deserves answers as to why their donations were being blown in dubious get-rich-quick schemes.

According to Spiegel, the employee was betting on a falling euro. Mike Townsley of Greenpeace International says the employee has since been sacked and calls the bad speculation “a serious miscalculation”, which was discovered by an “internal control system”. Greenpeace assures that the problem is solved and everything is back in order.

Instead of firing the poor employee, Greenpeace could have taken the socially compassionate step of sending him to training, or perhaps to Gamblers Anonymous. But no, instead they do the cold-hearted capitalistic thing and throw him out onto the streets. Or better yet, they could pay him a huge bonus, and then ask the government for a bailout.

Spiegel writes that the money had been earmarked to set up regional Greenpeace offices. But that money is gone, and the loss is deemed as “substantial”.

I remember Greenpeace activists asking me for a donation on the streets of Rome when I visited last April. Boy, I sure am glad I didn’t give them anything.

As one Spiegel reader comments, “Like everywhere, it’s easier to speculate with other people’s money.”

 

20 responses to “Casino-Capitalism At Greenpeace! “Blows Millions In Donations” In Currency Speculation! “Rocked By Finance Scandal””

  1. Loodt Pretorius

    Wait a minute here. This Greenpeace beanie took a position on the movement of the euro. If the loss of 3.8 million Euro is part of a position of say 100 million Euros, it means a loss of 3.8%. A loss of 3.8% is not uncommon with people who speculates on the currency market movement, you will always hear about the gains and never the losses. It just shows that Greenpeace knows zilch about how real international companies work. This beanie is better away from working for this bunch of fools.

  2. oebele bruinsma

    Yes we live in revealing times. As this happened in the Netherlands where we have currently a parliamentary investigation in a huge building fraud (billions plus) it is like swearing in the “church”.

    1. DirkH

      In Germany, we have the new airport in Berlin for that. Years overdue, no end in sight. It’s so difficult to build an airport. We have never done it before.

  3. Greg

    Losing that much money to prevent them from doing some harm is the most environmentally friendly thing any greenpeace employee has done in decades. Give him a Nobel prize.

  4. mwhite

    Question, Was the employee sacked, or asked to leave and given a big pay off after signing an agreement to keep his/her mouth shut?

  5. George B

    Hmm, isn’t George Soros a legendary currency speculator? I wonder if he took a similar “hit”.

    1. DirkH

      Greenpeace lost slightly over 1% of their annual income. George Soros surely loses more all the time (but also gains more). 1% is not something any investor would even talk about.

  6. John F. Hultquist

    3.8 million euros = “substantial”
    playing with 40, 50 or more millions in total

    Will supporters quickly replace the losses or withhold further donations because they now realize the sums of money involved?
    Questions:
    What is the take-home pay of the dirty dozen at the helm of this organization?
    What is the “carbon foot print” ?

  7. Europa Dreaming | Skeptical Swedish Scientists

    […] stop cheap European gas energy. EUs Greenpeace just lost €4 million by currency gambling up to €100 million in donations. Dare somebody tell their footsoldiers ?          Even Europa […]

  8. DirkH

    Welt reports that 700 German members of Greenpeace have already quit the organisation over the “speculation scandal”.
    http://www.welt.de/wirtschaft/article129339417/Greenpeace-verliert-Mitglieder-nach-Spenden-Gezocke.html

    This is ironic on so many levels. The employee probably really just wanted to hedge, and it went wrong. The losses are infinitesimal. But as Greenpeace members are rabidly anti capitalist, it just doesn’t compute for them. And whoever managed to push the news into the MSM did exactly what Greenpeace does all the time to companies: Find a weak spot and exploit it and manipulate the idiot population.

    This is working so well, it looks like the powers that be themselves are driving a stake through Greenpreace’ heart – journalism after all is dead; no remaining journalist would still be able to push a headline like this through AGAINST the will of the powers.

    Also: India demands declaration of foreign money received by Greenpeace India.

    Also: EON gets all clear for AKW Grohnde after revision, against the will of the new red-green Lower Saxon government.
    http://www.focus.de/finanzen/news/atom-eon-erhaelt-genehmigung-fuer-wiederbetrieb-des-akw-grohnde_id_3936520.html

    The worm is turning. Not through the demands of an unconscious populace; this comes from high up.

  9. DirkH

    I’m beginning to understand why 700 German donors / members quit after this minor hedging mishap.

    It looks like they lived under the delusion that Greenpeace is not a gargantuan capitalist operation with coffers full of money –
    Greenpeace actually manages to beg their donors for money citing alleged 400,000 USD damage to the “Arctic Sunrise”! Doubtlessly an exaggeration yet small change for the organisation. No matter – just tell donors you can’t pay it without their help!
    http://www.breitbart.com/Breitbart-London/2014/06/22/Greenpeace-uses-Arctic-Warrior-return-to-fundraise

    Greenpeace is such an ingenious idiot exploitation machine; I always forget just HOW stupid the victims are.

  10. mwhite
    1. DirkH

      “He wishes there was an express train between his home and his office, but it would currently be a 12-hour round trip by train.”

      Some delicate flowers they are. He can work in the train! I did that on my 8 hour round trip commute last year (by train). Surely Greenpeace would value that enough to allow him to shift some of his workload to the traveling time; or maybe not? Wasn’t the case for me; but then I’m not worried about the planet neither are the companies I work for.

  11. Greenpeace i fokus - Stockholmsinitiativet - Klimatupplysningen

    […] men miljonbelopp har slösats bort på valutaspekulationer enligt The Guardian och Der Spiegel. (Se NoTricksZone för en redogörelse på […]