Casino-Capitalism At Greenpeace! ‘Blows Millions In Donations’ In Currency Speculation! ‘Rocked By Finance Scandal’
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 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 Gambler 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 for donations 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.”