peHUB First Read

* Frederic Filloux: Why does digital advertising suck? * PE firms change their political contribution practices * Fred Wilson reiterates his support of carried interest being taxed as ordinary income. * Morning Call: U.S. futures point lower, London falls early, European shares stumble, the Nikkei slips and Hong Kong shares weaken. * MG Siegler: The arrival of Android fanboys * Andrew Ross Sorkin says answers are long overdue on how credit rating agencies gave "their triple-A blessings to subprime junk?" * May was the worst month for hedge funds since November 2008. Things also weren't too hot for leveraged loans.