peHUB First Read

* James Surowiecki believes the notion of "moral hazard" is overstated. * Financial woes prompt biz-school cutbacks. * Morning Call: U.S. futures eye bounce, European shares fall on banks and energy, the Nikkei slips on earnings woes and Hong Kong drops on property stocks. * Layoffs mean more than lost wages for H-1B visa holders. * Yesterday it was a partner from Sequoia Capital China resigning. Today, it's a partner from Kleiner Perkins China. Almost certainly a coincidence, but still strange. Also raises the following question: Is there still enough faith in Chinese dealflow for each firm to seek out replacements? * Did the credit freeze begin to thaw in January? * Sorkin with an intriguing proposal: Give bonuses to regulators. The question, of course, is what such incentives would be based on. Would it be on the number of fines levied, or on the paucity of financial scandal? Either way could prompt some perversion...