Should we tell the President?

US focus: inside the president's mind

If you want to find a body inimical to hedge funds, look no further than New York attorney general Eliot Spitzer.

And if you want to find a body with the same, or greater, level of influence and power than him, willing to see more sizeable hedge fund meltdowns, says Philippa Malmgren, former economic adviser to President George W Bush on the National Economic Council, look no further than the Federal Reserve.

While Alan Greenspan has spoken of hedge funds adding liquidity to markets and aiding