My friend Eduardo who works in the City says the only survivors of the Downturn are the guys with £100m plus, who caused this crisis in the first place, smirks Mrs. M.  Some people do get away with murder after all.  These billionaires, oligarchs, city traders, hedgies, CEO's leave us with our empty bowls in the soup line, while they drift away from the Recession on their yachts.  I begin to get that old Madame Lafarge feeling of wanting to knit at the foot of the guillotine, while well-coiffed heads of Fat Cats roll.

Naturally I sat up and took notice when I read that some of London's top hedge fund managers were to appear before the Treasury Committee over the role of hedge funds in the banking crisis. In the US five hedge fund managers, who netted jointly $12.5bn in '07, were summoned to testify to Congress on this same issue. These paragons who included John Paulson and Phil Falcone of Harbinger, declared themselves innocent.  No joke.  They had nothing to do with the market meltdown and their riches reflected their hard work. (Excuse me as I fall over laughing.) 

Hedge funds have been blamed for 'shorting' banking stocks.  And now it seems they will be called to account by politicians.  The hedge fund managers will be tackled on their industry's practices and whether they pose a risk to the economy: THE ECONOMY, STUPID!  The ban on short selling was lifted last week.  One source says that this is not a Witch Hunt.  But I, and millions like me, will wonder:  Why not?

I take some satisfaction that the hedge fund industry has reported their worst year on record.  Hurrah!  Many of us remember hedgies in their smug and smart days with trophy blonds bidding up the trashy end of the art market, and making themselves obnoxious as philanthropists in the charity world.  Fooling no one, I might add, except other hedge fund managers.

Hedge fund managers rented our house recently, and the nickname, Nouveau Barbarians, is flattering them.

I think this is exactly the right time for a Witch Hunt.  The thought of a hedge fund manager, holding his latest Damien Hirst, submerged in a ducking stool while the audience counts slowly to1,000 brings a smile to my lips.  It's time we had some good, clean fun and got our own back.  1....2.....3....4....5....6......