A rogue Greenpeace trader wreaks havoc
The Rainbow Warrior III, the newest ship of the enivornmental conservation organization Greenpeace, is accompanied by Greenpeace activists and members of the media on the Elbe River on its way to port in Hamburg, Germany.
As we know well, capitalism can be a perilous place.
The environmental group Greenpeace announced Monday that it had lost $5.2 million due, essentially, to a rogue trader.
They had a guy in their finance division who was working currency trades as a way to hedge against other investment fluctuations.
Two things happened:
One, he traded way more money than he was authorized to trade.
And two, he bet the Euro woud fall last year. It didn't.
$5 million is a boatful of money. The group's annual revenues, however, are somewhere near $400 million.