ANSWER: Note that the word lord does not begin with a capital, which always is the case when Jesus is spoken of. Note, that in the Revision it is "his lord." This makes it still more plain that it refers to the master of the steward, whose acuteness and forethought in feathering his own future nest, and not his rascally way of doing it, his master praised, probably with a laugh, exclaiming, "Isn't he a cute fellow?" Another explanation is that the steward had overcharged the tenants and pocketed the surplus; so that marking down of the debts of the tenants was really a righting of fraud against them. In this case the master was not the loser. In either case he was a bad man. But his cunning, not his rascality, is approved.
— Steele's Answers pp. 252, 253.