Turns out, quite unsurprisingly, that I was wrong. Covetousness does, apparently, get its due in the teachings of the Buddha and is listed among the three unwholesome mental activities which can lead to a being’s peridition (i.e., rebirth in a hell). I am a member of several online Buddhist for a and it is to one of them (www.dhammawheel.com) that I owe my discovery of the teachings regarding coveting. In particular, my thanks and appreciation goes to the ever helpful and inspiring Ven. Pesala Bhikkhu (who has pointed me in the right direction more than once) who provided me with a link to this specific teaching upon request:
http://www.aimwell.org/Books/Pesala/Kamma/kamma.html#Classification.
It is pretty clear that a mind entangled in covetousness is a dangerous thing and we ought do all we can to overcome such akusala thinking. It now seems to me that mudita, even dry recitation of the phrases, would do a lot to incline the mind in the right direction and would cultivate samma vayamo. Regardless of my conjecture and speculation it is certain that I will be on guard for such mind states. May we all be free of miserliness and take joy in the good fortune of others.
Cattāri Brahmavihārā 
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