peHUB First Read

* This is not a joke: UK venture capitalists are asking the government for a £1 billion bailout, in order to prop up the nation's tech and life sciences startups. They'd like it in the form of a fund-of-funds, if possible. I wonder if the VCs would also be willing to accept the compensation caps that could/should be attached. * Biting the hand that feeds: Members of the House Financial Services Committee received around $1.8 million in contributions during the 2008 election cycle, from the very bankers they were pillorying yesterday. * Morning Call: U.S. futures point lower, European shares slip early on banks and oil, the Nikkei hits a two-week closing low and Hong Kong shares fall 2.3 percent. * Facebook valued itself at $3.7 billion as of last June, according to court records. * An LP to LBO funds: Just because companies are cheaper than before, doesn't make them cheap.