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thecrashingisles

Greenpeace Loses £3M In Currency Speculation

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http://www.theguardian.com/environment/2014/jun/16/greenpeace-loses-3m-pounds-currency-speculation

Greenpeace International last year lost €3.8m (£3m) of donations through speculation on currency markets.

According to a statement released on Sunday, in the second half of 2013 an employee at the environmental campaign group's Amsterdam headquarters took out currency exchange contracts that speculated on a weak euro. As a result of the euro strengthening later in the year, Greenpeace had to file record losses when closing accounts at the end of the year. Its 2013 annual report will show a budget deficit of €6.8m.

"We offer a full apology to our supporters for the series of errors that led to the loss," the group's statement said. "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."

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This is just further evidence of what I have suspected all along -- Greenpeace are stupid.

I'm all for saving the planet, but when the net result of Greenpeace's activity is to shut down environmentally-regulated industrial activity in the West and ship it off to a highly-polluting environment in China, thereby causing even more environmental harm, it's clear that their activities are nothing more than a counterproductive exercise in self-righteousness.

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'The organisation (Greenpeace) claims to only invest in property where it is considerably cheaper to buy than to rent, such as in Moscow or London'




I never knew Greenpeace invested in any property, anywhere...


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Big charities aren't very efficient at getting money to good causes as far as I can see

On a couple of flights from Geneva into London I have seen staff from some of the big charities that have offices in Geneva (most of them do - to be near the UN etc.) perched in Business Class.

Not what many who donate would expect imo.

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If they lost £3m, I wonder just how much they were speculating with in the first place?

and following on from that point, why would they have that much dosh? wouldn't it be better off at the front-line? After all, this is why most people donate, isn't it?

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If they lost £3m, I wonder just how much they were speculating with in the first place?

and following on from that point, why would they have that much dosh? wouldn't it be better off at the front-line? After all, this is why most people donate, isn't it?

Their income (donations) will tend to be irregular, so it makes sense to keep a float of cash handy . For a large charity, I can easily imagine that it will run into the millions.

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If they lost £3m, I wonder just how much they were speculating with in the first place?

and following on from that point, why would they have that much dosh? wouldn't it be better off at the front-line? After all, this is why most people donate, isn't it?

Its big business who donate to Greenpeace, i.e. BP, Shell so they keep the protesting to a minimal

http://nofrakkingconsensus.blogspot.co.uk/2010/06/bp-greenpeace-big-oil-jackpot.html

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Most large charities will have reserves of some kind. For some that might only be a month or two, for others it could be multiple years' worth. The question then becomes what do you do with that reserve investment wise? Especially if you want to preserve or even increase its value.

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Its big business who donate to Greenpeace, i.e. BP, Shell so they keep the protesting to a minimal

http://nofrakkingconsensus.blogspot.co.uk/2010/06/bp-greenpeace-big-oil-jackpot.html

Too true - and I note their complete silence on all that stuff coming out of unmarked airplanes flying north, south, east and west, eventually covering the whole sky in a whitish haze - a phenomenon that has only begun in the last decade and a half.

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