Taking note of the backlash against Northern Trust's (NASDAQ: NTRS) golf tournament revelry on the taxpayer dime, Morgan Stanley (NYSE: MS) has canceled all the festivities planned for its 2009 Memorial Tournament presented by Morgan Stanley.

Morgan Stanley will still be the title sponsor for the June event but won't be booking lavish shows and providing expensive meals to VIPs.

Morgan Stanley hasn't provided much in the way of comment on the decision but then again, none is necessary. There's just no reason to waste taxpayer money and generate so much ill will to provide entertainment for people who worked at a company that lost billions of dollars.

Blackstone Group LP (NYSE: BX) Chief Executive Stephen Schwarzman, who became a billionaire thanks to the firm's recent initial public offering, won't be able to stop the U.S. Congress from making his firms pay higher taxes particularly as the presidential election looms.

Legislation proposed by Sens. Max Baucus (D-MT) and Charles Grassley (R-IA) would TRIPLE the amount of taxes that the New York-based company would pay annually. The company is arguing that the Baucus-Grassley bill raising taxes on private equity and hedge funds would deprive the government of revenue because it would discourage companies from going public.

Blackstone won't win too many friends on Capitol Hill with that argument since hedge funds already get a huge break from the IRS because they pay taxes at the 15% rate of partnerships instead of the 35% corporate tax rate. To many people and quite a few economists this just doesn't seem fair.

Politically speaking this also is a losing issue for Blackstone. Americans believe in the Horatio Alger myth that by hard work and luck anyone can become rich. The public, though, has little sympathy for people who climb their way to the top by cutting corners or getting breaks that they don't seem to deserve.

The Democrats in Congress are well attuned to this reality. For them, there is no better industry to target than hedge funds and private equity firms. To most Americans, the industry is mysterious and scary. What possible downside could they have in targeting the likes of Blackstone.

Senator John Kerry told a Senate hearing on Tuesday that changes are needed in ensuring that Americans have easier access to out-of-market baseball games. It's great to see the politicians finally focusing on what's important.

According to Kerry, "I have no doubt that there are business advantages, but what is the impact on fans? They lose the content. Or, as we will discover today, they are forced to change their TV service to see games. That is wrong. That is a sign that the system is not working."

In a deal announced March 8, DirectTv Group Inc. (NYSE: DTV) became the only provider where people could access Major League Baseball's Extra Innings package, allowing fans to see nearly every single out-of-market game. Under the new deal, according to Kerry, "Once it moves to DirecTV, that access is going to be reduced by about five-fold."

Boston Red Sox fans will note that this is not the first time Kerry has made headlines for comments on baseball. While on the campaign trail, he announced that his favorite player was "Manny Ortez," apparently some sort of hybrid of Manny Ramirez and David Ortiz. According to baseball writer Peter Gammons, "A few years back Kerry went on a Boston station with Eddie Andelman and said "my favorite Red Sox player of all time is The Walking Man, Eddie Yost," who never played for the Red Sox."

If Kerry is successful in his crusade for access to out-of-market games for regular fans, he could regain some of his baseball credibility.