The employee was a financial expert whose job included currency trades to protect the organization from fluctuations in the market. He was not qualified, however, to undertake trades on the scale he did. In addition, he ignored company rules, under which he should have checked with supervisors and probably hired an external expert for advice on how to manage risks.
Greenpeace says rogue employee lost $5.2 million on currency hedge gone Jordan Cap White wrong
"Hindsight is 20/20, but we believe if he had followed rules and procedures this wouldn't have happened," Townsley said.
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He said the organization was deeply concerned that the incident would offend its supporters, and apologized. Greenpeace does not accept contributions from companies or governments New Era Caps White
and is funded entirely by individuals.
Townsley said the employee was fired for ignoring rules, not for the loss itself, Chicago Bulls Hats Black
"Every indication is, this was done with the best of intentions but not the best of judgment," said spokesman Mike Townsley in a telephone interview from Mexico.
which although sizeable compared with donor contributions amounts to a fraction of the organization's annual revenues of around 300 million euros.
Responsibility lies partly with the employee and partly with the organization, Townsley said.
2 million on currency hedge gone wrong
Tuesday, Sept. 24, 2013 file photo, Greenpeace ship 'Arctic Sunrise' is escorted by a Russian coast guard boat, in Kola Bay at the military base Severomorsk on the Kola peninsula in Russia, at dawn. Greenpeace has suffered a 3.8 million euro ($5.2 million) loss on an ill timed bet in the currency market by a well intentioned if reckless employee in its financial unit.
Greenpeace International fired the employee, whom it did not identify, but said there was no evidence of fraud.
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