peHUB First Read

* It's official: Much of Europe is in a recession. * CIT to become a bank holding company. I wonder if Harrah's will be the next pig at the federal trough. After all, it does give certain players lines of credit. * Morning Call: U.S. futures lower after yesterday's rally (then again, they were also lower yesterday morning), Europe rebounds except for the FTSE, Hong Kong and Nikkei gain. * Paul Boutin speaks Valleywaganomics. * Felix Salmon: Is your money safe at Citibank? * VCs discuss online video investments at NewTeeVee Live.

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