peHUB First Read

* IBM is doing venture capital without the capital. * The wonder of it all: Apollo Management has been buying up debt in struggling Connecticut casino Foxwoods. * PAI Partners has gone further than almost any other buyout firm, in terms of its willingness to reduce its bloated fund size. But, for one major LP, it still isn't far enough. * Morning Call: U.S. futures point lower, London falls early, European shares pulled down by banks, the Nikkei loses 0.6% and Chinese shares hit 3-month closing high. * Is the UK's majority-rules M&A system preferable to America's board-dominated process, or does it promote short-termism? * Jason Mendelson: Why don't venture capitalists tell you why they won't invest? * The Economist says that options have a future, but reform is justified * FactCheck.org finds that current cap-and-trade legislation would likely slow job growth, but not by as much as its critics are claiming.