Lyric discussion by time_warp 

Cover art for Femme Fatale lyrics by Velvet Underground, The

All I know is that in the intro to this song on the Live 1969 album, Lou Reed says: "This is a song called 'Femme Fatale' which we wrote about someone who was one and has since been committed to an institution for being one and will one day maybe open up a school to train others."

yes and edie sedgwick was once commited to a mental institution so that is even more proof for the fact it's about her