The Ethics of Banking: Conclusions from the Financial Crisis (Issues ...

124 9 Financial Wagers, Hyper-Speculation and Shareholder Primacy
The same is true for financial speculation, which cannot be completely prohibited,
but can certainly be limited if practiced to excess. It can also be limited for
the sake of social welfare and economic value-creation, if financial betting becomes
rampant.
The Power of Gambling over Humankind in the Epic
Mahabharata
Betting and gambling are “existentials” or Existenziale, basic situations and statesof-mind
of human existence, in the terms of Heidegger’s book Time and Being (Sein
und Zeit). In the ancient Indian epic Mahabharata, the vast second book Sabhaparva
is dedicated to a gripping account of the power of games of chance over humankind.
The wise king Yudhisthira is challenged to play dice and is unable to resist, although
he knows about the devastating power of gambling. He stakes first his kingdom and
finally himself on the game – only to lose his kingdom, followed by his personal
freedom. The messages of the Mahabharata are clear: gambling between kings who
put their kingdoms at stake will lead to the destruction of their peoples. 4 The actual
gambler who issues the challenge is King Sakuni. The challenger to the game sees
the world as dominated by fate, to which the gambler must submit: “The whole
universe moveth at the will of its Creator, under the controlling influence of Fate.
It is not free.” 5 But Vidura, his adviser, warns him not to gamble: “Vidura said: ‘I
know that gambling is the root of misery.’ ” 6 King Yudhishthira, who accepts the
invitation to play, is aware that belief in fate robs people of their reason, just as a
shining object robs the eyes of their sight. Nevertheless, he is unable to resist the
invitation to play. The belief in fate has such a hold over humans that they bow to
the power of destiny. 7
His opponent, King Sakuni, persuades him to play with the subtle argument that
wagers and games of chance are only about winning. Thus he draws attention to the
narcissistic element of gaming. The player wants to feel like a winner. He adds the
sophisticated argument that the motive for games of chance is neither truly dishonorable
nor very honorable in order to deprive the opponent (who essentially wants to
gamble) of the excuse that gambling is an unworthy pastime for a king. A game of
chance is a contest like other contests and, as in all other contests, the main concern
is winning. 8
4The Mahabharata (written 400 BC to 400 AD but based on older sources), Book 2: Sabha Parva
of Krishna-Dwaipayana Vyasa, translated by Kisari Mohan Ganguli [published between 1883 and
1896], Chapter 56, online edition: http://www.sacred-texts.com/hin/m02/m02080.htm
5Mahabharata, Ch. 56.
6Mahabharata, Ch. 57.
7Mahabharata, Ch. 57: “Like some brilliant body falling before the eyes, Fate depriveth us of
reason, and man, tied as it were with a cord, submitteth to the sway of Providence.”
8Mahabharata, Ch. 58: “Sakuni said, –‘O Yudhishthira, it is from a desire of winning, which is
not a very honest motive, that one high-born person approacheth another (in a contest of race
superiority). So also it is from a desire of defeating, which is not a very honest motive, that one