Risk Rap

Rapping About a World at Risk

For Where Your Treasure Is

The Death of Marat
Atheism is aristocratic; the idea of a great Being that watches over
oppressed innocence and punishes triumphant crime is altogether popular.

History has is own way of keeping score. The celestial ledgers record every human transaction and movement. The scales swing ever slowly as it constantly seeks a perfect balance of Yin and Yang. Eventually history will find a way to assure that payments are made on any outstanding balances. All overdue accounts will be assiduously credited or debited in exact amounts for proportion due in good time. Poetically the new cosmological balance is restored with a settlement that is more often ironic then just.

So it is with Rene-Thierry Magon de la Villehuchet’s suicide. To date one of the more dramatic consequences of Bernard Madoff’s massive swindle. Mr. Villehuchet apparently lost $1 bn in the fraud perpetrated by the wealth manager from hell. It is understood that a good portion of that tidy sum was comprised of clients assets entrusted to Mr. Villehuchet due to his astute investment acumen and discernment abilities. It is also believed that the massive loss also comprised the bulk of his family’s personal assets as well. Apparently the aristocratic estate of Mr. Villehuchet’s family now stands in ruin. It would seem that the goal of the French Revolution’s street rabble to fully disenfranchise the aristocracy and separate them from their power and privilege with the razor edge of a guillotine was finally realized 230 years later by a New York based hedge fund manager. Let it be noted that Robespierre was a friend of the bourgeoisie so perhaps he finds some tacit comfort from his long occupied grave that Madoff one of his fellow sans-culottes finished the work that the Jacobin’s failed to do.

The French Revolution was one of the signature events of history. It announced the unfettering of the political power of the bourgeoisie made possible by the rise of capitalism. A scant two centuries ago the radical capitalists used the guillotine to enforce a Reign of Terror to supplant the rule of the Aristocracy and establish their reign of liberty to make money.

Capitalism’s history during the past 200 plus years has firmly established the virtuous solemnity of money making. It has created a pantheon of incipient transactional values based on situational ethics and moral relativism. Money and its power has alone become the object of veneration. Much like the Golden Calf that Moses’s people erected, western societies are consumed with the passion of worshiping monetary wealth and all the power and position it confers on the one to whom it belongs. More accurately we should say to whom the objects of wealth own.

It is in this light that we find Mr. Villehuchet’s suicide yet another signature event of our time. Mr. Villehuchet’s life had no purpose outside of his wealth and objects. Very sad. If Mr. Villehuchet killed himself because he lost face with his client’s due to his poor choice of entrusting Mr. Madoff with his client’s assets that’s even sadder. If Mr. Villehuchet killed himself because he was complicit in the fraud scheme that’s the saddest reason of all. But whatever motivated the Viscount of Discount to end his life all point to his warped value system so common and rampant within the banal culture of the old aristocracy and the nouveau riche. How poverty stricken are those whose primary concern is the love of money. Pity them because they are poor in spirit.

Yes Mr. Villehuchet’s self induced passing may signal an urgency to reexamine the values of capitalism. We must begin to invest in values that will produce consistent sustainable returns.

Rest in peace Mr. Villehuchet. If there is an afterlife I’m sure that you and Robespierre will have much to discuss.

You Tube Video: Skeeter Davis: The End of the World

Risk; values, investments

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December 27, 2008 - Posted by | culture, hedge funds, Madoff | , , , , , , , , , , , , ,

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