Hedge funds serve a valuable purpose - they help mediate risk by allowing financial institutions to cover their long-term investment positions with shorter-term capital risks. They may also be used to provide a means of legalized gambling with other people's money, which is why they are so heavily regulated by SRO's (self-regulatory organizations) like the NASD and by government entities like the SEC. Gordon Gekko wasn't all bad - just short-sighted, like many businessmen looking for a quick killing.
I have no problem with markets and their workings, hedge funds included. I believe in capitalism. I always find it funny, though, when those who castigate "the rich" cash in when they have an opportunity. Glad to see that Bill and Hill have set their daughter up in the lifestyle to which she has become accustomed.