Anglican Leaders Issue Rebukes To Hedge Funds, ‘Greed’

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.”


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...