Greenpeace lost €3.8m after bad bets in the forex market last year, The Guardian reports.
They got sucked into betting on a falling euro:
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… Greenpeace says the staff member, who worked in its international finance unit, was not acting for personal gain but failed to obtain authorisation from senior management. He has since been released from his contract.
That’s some fine supervision right there.
