peHUB First Read

* President Obama wants to privatize certain aspects of space travel, which could be a major boon for VC-backed companies like SpaceX. * It's still early, but TARP so far has been very successful in terms of ROI. * GI Partners is accused of lying to HBOS, when convincing HBOS to finance GI's £440 million acquisition of Park Resorts. The accuser is ex-Park Resorts CEO Martin Grant, who also is suing for wrongful termination. * Morning Call: U.S. futures point to mixed open, London falls early, European shares fall back, the Nikkei drifts lower and profit-taking on the China and Hong Kong exchanges. * Seed funding is the new Series A. * Big Ben is going to get that second term. * Wishy-washy WSJ editorial on tomorrow's FDIC vote, which will determine rules governing private equity investments in banks. The lede is about how the FDIC needs to hold its ground in order to protect the taxpayer, while most of what follows is about how PE critics have justifiable gripes. And then it concludes with protecting the taxpayer. I guess the takeaway is that the WSJ is looking for middle ground, just like the FDIC.