Wednesday, May 14, 2008
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Jackie Bruchi
And Now From The Financial Market
Monday, March 24, 2008 • 1:10 pm

A pair of senior Church of England clerics is warning hedge fund managers that they face a fate far worse than subprime-linked double-digit losses: an eternity in hell.

In his Easter sermon, Rowan Williams, the Archbishop of Canterbury, decried Western greed and the “grabbing of things in the world.” But his admonitions were mild compared to those of the Bishop of Rochester.

Michael Nazir-Ali suggested that hedge fund honchos are betting with more than credit derivatives and leverage; they are gambling with their soul.


The entire article can be found at FIN Alternatives, a hedge fund and private equity newsletter.
Comments:

All I can do at this very moment is shake my head and say Lorrd have mercy!

[1] Posted by One Day Closer on 03-24-2008 at 02:32 PM

This is a bit misleading; Bishop Nazir-Ali, at least, believes that some hedgefund manager can get to heaven:

Is there any good news for the rich? The answer is: yes. What is required is a change of heart, of disposition, of attitude. From possessiveness we need to move to gratitude for what we have, from “cutting corners” to make a quick buck to that integrity for which business in this country was celebrated, and from mere accumulation of wealth to a generosity of spirit. When that happens, hedge fund managers and directors of companies can, indeed, go into the kingdom of heaven ahead of the chief priests and elders.

Naturally, such a change of heart has consequences: it requires stewardship of the talents we have been given and also of our possessions. The creation of wealth is certainly part of our stewardship but so is the use of it. There were a number of wealthy people around Jesus. Zacchaeus, some of the women who worked with him and Joseph of Arimathea come to mind. What was required of them is also required of us and that is to share our wealth generously. 

[2] Posted by In Newark on 03-24-2008 at 02:38 PM

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