Tragedy:

"(in ancient Greek theatre) a play in which the protagonist, usually a man of importance and outstanding personal qualities, falls to disaster through the combination of a personal failing and circumstances with which he cannot deal"

I am thinking that it's actually not o.k. to make fun of someone in an Attic Tragedy. An apt term for what you express is Schadenfreude:

"pleasure derived by someone from another person's misfortune."