peHUB First Read

* Five former U.S. Treasury secretaries back the Volcker rule * Japan is developing an allergic reaction to private equity: "Willcom's failure adds another black mark to the list of disasters that have fuelled suspicions in Japan that private equity investors are nothing more than financial engineers masquerading as corporate turnround specialists." * Mark Suster: "Everybody and their mothers are coming into my offices proclaiming that they're developing the latest iPhone App... The new manta is 'what are you doing about the iPhone?' I have gag reflexes... I would argue that if Apple’s app model continues to succeed it is bad for your health. You – being members of the technology community." * Morning Call: U.S. futures point higher, London rises early, European shares fall, the Nikkei keeps climbing and Hong Kong shares rebound. * Larissa MacFarquhar: How Paul Krugman found politics * Johannes Huth, KKR's head of European operations, says that large LBOs are once again possible. * There's been lots of talk about "DST deals" -- large VC transactions that provide a later-stage company with new working capital and liquidity for existing shareholders (employees, investors or both). Not really new (see Advanced Equities), but something we'll apparently see more of, since DST says it has another $1 billion to invest in social media.