Tuesday, 31 May 2016
Last updated 3 days ago
Mar 24 2008 | 1:06pm ET
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 turmoil in the markets is almost certainly the result of amoral forces,” Nazir-Ali told his flock. “Those with power need to ensure that the poor are not disproportionately affected.”
“From possessiveness we need to move to gratitude for what we have,” he added. “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.”