peHUB First Read

* U.S. bailout panel: Toxic assets may need more Treasury support. * VC-backed company valuations continue to fall in Silicon Valley. * Print media isn't the only industry suffering from online cannibalization. It's also hurting porn. * Morning Call: U.S. futures point higher, London slips early, European shares fall on banks, the Nikkei keeps climbing and Hong Kong closes at a one-year high. * Brad Feld: How to run a great board meeting. * Jaime Dimon takes a page out of Allan Mullaly's playbook. * Lots of champagne corks popping yesterday at Benchmark Capital, which agreed to sell portfolio companies SpringSource (to VMWare) and FriendFeed (to Facebook). Most of the navel-gazing Twittersphere has focused on the latter (after all, there were photos), but investors who care about big distribution checks probably are more excited about the former.