Hedge Funds on Hot Seat

Philip Falcone, Kenneth Griffin, John Paulson, James Simons and George Soros on Thursday are expected go before the House Committee on Oversight and Government Reform. They will have several minutes each to make opening remarks, then will field questions from lawmakers, according to a committee spokeswoman.

For these executives, who have been tapped to speak for the industry, it probably won't be an entirely pleasant experience. "We've been under fire for a while," said Richard Baker, head of the U.S. hedge-fund industry's biggest lobbying group, the Managed Funds Association, in Washington. The firms represented at this week's hearing belong to the association.