peHUB First Read

* KKR doesn't plan to participate in the PPIP. Nothing too surprising there, particularly given that the firm has called down over 70% of its general fund, and is facing a very difficult fund-raising environment for the next one. * Michael Kinsley on the Rattner situation, which just got even messier yesterday. To me, this whole thing is like a prostitute/john situation -- in which only one of the two actors is being prosecuted. I'm not just talking Rattner, but also Leuschen and others who allegedly did far more than just pay a crooked "placement agent." Also worth wondering if the tentative agreement between Quadrangle and its LPs can hold through the Friday "key-man" vote deadline. I think it can, but three days is an eternity. * Morning Call: U.S. futures lower on earnings caution, London rises early, European shares up as banks offset Roche, the Nikkei edged higher and Hong Kong closes at a two-week low. * The end of Bob Nardelli. Again.