peHUB First Read

* George Roberts: "There's no more opportunity in distressed debt." * Brad Feld: Great entrepreneurs are totally obsessed with the product * Dan Gross: "I'd argue that Goldman is entering dangerous territory. The firm is in danger of losing what may be its most valuable asset: its social license." * Morning Call: U.S. futures point lower, London falls early, European shares slip, the Nikkei climbs 1.4% and Hong Kong shares rebound. * What a sovereign heart attack looks like * Private Equity Council issues a new report on employment at PE-backed companies. * Fred Wilson states the obvious (well, obvious to anyone outside of DC): Telecommunications and information services are the same thing. * Google-AdMob brace for merger rejection by the FTC. Assuming a no-go ruling, it will be interesting to see what Plan B is for AdMob's venture investors. Does the company need a cash infusion? Could it go public (and would anyone buy stock in a company whose management already agreed to sell)? Is there another buyer that could pass regulatory muster (and, if so, how much lower would the price be)?