Whilst many in Europe and the world are counting the cost of the financial crisis, one person who has come out of it with pockets stuffed with banking gold, is the former British Premier, and EU Presidential hopeful, Tony Blair, who has agreed to deliver four speeches for Lansdowne Partner, a hedge fund that made $100 million from the collapse of the northern Rock savings and loan company in the UK and precipitated a banking crisis. Blair is paid over $4 million as an adviser to JP Morgan Chase and over 3.5 million from Zurich Investments. His finances seem to be, according to rumours,  hidden behind a series of companies, some of whom file no accounts and have been described by financial experts as "Byzantine". All of this at a time when financial regulations are being discussed, in Europe and the US. It has been said, that Blair, who remains in regular contact with Presidents Barroso and Obama, would be in a very good position to lobby on behalf of the bankers and hedge funds.

There is growing concern over his finances and in his role in the Iraq war. Currently there is an inquiry in the UK over the war and two government lawyers, Sir Michael Wood, the Foreign Office's chief legal adviser and his then deputy, Elizabeth Wilmshurst, told the inquiry that the Cabinet were told the war would be illegal without a second UN resolution. Blair himself, faced the inquiry on 29 January. Sitting Premier, Gordon Brown has brought forward his appearance, in response to criticism that he was delaying appearing before the inquiry until after the expected British general election. However, there may be a complication as there are rumours that a snap election may be called in February, after release of economic figures suggesting that the UK recession may be over. Until then, despite growing public anger against the bankers, the former PM is raking in the cash from them.

Blair appeared composed and a little nervous at the Iraq Inquiry, having sneaked in through a side door well ahead of the start, to avoid protesters. According to witnesses, his hands were shaking, but not for long. The tone of the questioning was gentle and Blair soon felt confident to interrupt. There are several points that can be made with condidence. Firstly that Blair was not, as has been alleged, a mere underling to President Bush, but a true believer in regime change. He kept referring to Saddam's WMD, neglecting to mention that they didn't actually exist, but for Blair, that was an insignificant detail. Saddam once had them so it follows that he would have them again. Therefore he had to go.

He also explained that post 9/11, the threat was more serious, even though the actual threat level hadn't changed, saying that, "objectively, the threat hasn't increased, but the tolerance of the international community had changed." That is life on Planet Tony. In the run up to war he said "The primary aim was to send an absolutely powerful, clear and unremitting message that after 9/11 a regime involved with WMD had to stop." He also stated about the future of Saddam, that  "What changed after September 11 was that if necessary ... we were going to remove him." It was hard to reconcile many of Blair's statements, especially his almost continual recital that Saddam was in breach of UN resolutions, as we now know he had obeyed and destroyed his weapons stocks. He did drop one interesting titbit; at the Crawford meeting, there were also "conversations" with Israelis, something that will cause alarm once it is circulated.

The phlegmatic Brits have a cynical attitude to these inquiries and few expect anything other than a whitewash, like the previous Hutton Inquiry into the Death of Scientist and weapons Inspector Dr David Kelly, who, officially at least, committed suicide, although this has been challenged by the ambulance crew on the scene and doctors. Hutton has just ordered a judicial sealing of all records about the case, including autopsy reports for 70 years. Blair understands such cynicism and his performance today, was not to try to win anyone over, but to set out his case for the future generations he hopes will revere him and his wisdom.

In Brussels, there was keen interest in the appearance and relief that Blair is not the Council President. Suddenly, Mr van Rompuy looks like not so bad choice after all.