mo‧ral‧i‧ty [muh-ral-i-tee, maw-] Pronunciation Key - Show IPA Pronunciation –noun, plural -ties
1. conformity to the rules of right conduct; moral or virtuous conduct.
http://dictionary.reference.com/browse/morality
Yes, he has almost become a metaphor for the decadence of morality -- actual morality, whatever you or I think.
"sic" is latin for "thus", or "so." This indicates a spelling error or in this case a grammatical error. The error here is the joining of "decadence" (a noun) with the preposition "of" and another noun "morality." This usage would indicate the writer means a quality of morality is "decadence" which we can dismiss prima facie as absurd. The writer should have used "decay" of morality. "[D]ecay" can be a noun or verb in context, but in this context it is undoubtedly a verb acting on the direct object "morality".