peHUB First Read

* In a seemingly counter-intuitive move, CPP has asked fellow investors in PAI Partners to reject the buyout house’s plan to slash its fund in half. But speculation is that CPP may push for stricter changes, either a bigger cut or a wind-down of the fund. Ouch. * Lionel Pincus' vision "ushered in a new era of deal-making on Wall Street." *Halloween Time- Even though he'll likely be outsold by Michael Jackson, Bernie Madoff masks have hit the stores. * Ah, yes, the BIMBO (buy-in management buyout), and other such stock option tomfoolery. Deal Journal and David Yermack duke it out over whether giving stock options to a CEO in the midst of merger talks is essentially a bribe, and whether that's a bad thing. * Two-thirds of buyout firms have shifted their focus to defensive sectors, according to a Grant Thornton survey.