peHUB First Read

* Banks have collected just $1 billion in private equity fees over the first half of 2009, according to DealLogic. For comparison, they got that much after just the first five weeks of 2007. * Another PE pro enters politics: Kip Kirkpatrick, co-founder of Water Street Healthcare Partners, is running for Illinois State Treasurer. * Morning Call: U.S. futures point higher, London rises early, European shares climb, the Nikkei dips and Chinese shares lose 0.2%. * Barry Ritholtz: Why does UBS still employ Phil Graham? * Joe Nocera to Madoff victims: Get over it. * Om Malik: What went wrong with Joost, the (heavily) VC-backed online video company that is cutting up to 90% of its workforce.