Current US Treasury Secretary Henry Paulson continues to do everything he can to turn his department into a subsidiary of Goldman Sachs (how many forks can one snake oil salesman's tongue have?), but with the days of the Bush Administration's corporate welfare-based fiscal policy clearly numbered, the financial industry would be wise to brace itself for more comprehensive regulation.

Hedge funds bear a particularly conspicuous target on their collective back, and they know it. Along with other se