peHUB First Read

* Bill Gross: “Greed will come again. But for now, the trend is the other way and it promises to persist for a generation at a minimum." * David Callaway: Time to worry. Banks are recommending each other's shares again. * Q2 data dump: 32 pages of M&A and private equity deal data, league tables, etc. * Morning Call: U.S. futures lower ahead of June jobs data, London falls early, European shares drop, the Nikkei closes down 0.6% and Chinese stocks hit 13-month high. * New photos of the Madoffs at play. Could be worse, I guess. At least they're not nude photos of the Madoffs at play. * The EVCA has released a new code of conduct for placement agents. Here you go. * Kip Kirkpatrick's decision to run for Illinois State Treasurer won't trigger a keyman vote at Water Street Healthcare Partners, the private equity shop he co-founded and is now leaving. Apparently the only listed keyman is fellow co-founder Tim Dugan. Kinda odd, but ok. Still doesn't mean all LPs are thrilled that