Honestly I thought the web memo about increasing taxes on public equity and hedge funds would quietly wait for an audience online as proposed legislation on the issue moved through the U.S. House and Senate. Then I tuned in to catch up on two stories relating to these firms: the Blackstone Initial Public Offering (IPO) and the Bear Sterns reaction to some sub-prime mortgage investments going south. There has been so much drama in the financial markets today that it’s like watching a telenovella-with less makeup of course-or maybe Paris Hilton coverage. Will the Blackstone IPO go ahead as planned? If so how will it be priced? Will it raise more than $4 billion? Will the Securities and Exchange Commission delay the IPO as requested by Congress? Will Congress hold hearings on Blackstone holdings and national security concerns? What will happen with the Baucus-Grassley bill in the Senate? What about the new bill in the House? Tune in tomorrow for more of the continuing saga.