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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.
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