peHUB First Read

* Zoho CEO Sridhar Vembu: Why we haven't taken venture capital * Andrew Ross Sorkin: "The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cordon off its liabilities from the spill, is starting to percolate on Wall Street." * The Senate takes up carried interest taxation (via the jobs bill), and is expected to soften the House's 75/25 split (75% ordinary income, 25% cap gains). Politico reports the deliberative ones may use a 65/35 split, and 55/45 for assets held for at least seven years (olive branch to VC firms). This new formula wouldn't go into effect until 2013. * Morning Call: U.S. futures point to mixed open, London falls early, European shares keep dropping and the Nikkei climbs. * Peak Wood? John Perlin thinks so. * Kevin Kelleher: How much innovation remains in the iPhone? * Engadget: Sizing up iPhone 4 vs. other smartphones * Seed-stage deals account for 26% of early-stage Web investments * David Hornick: "The first decade in venture is all about pattern acquisition so that the second decade might be about successful pattern matching."