peHUB First Read

* Paul Volcker: Private equity and hedge funds don’t need to be regulated like banks.

* Larry Cheng of Fidelity Ventures writes about his original meeting with Facebook, back when it was an unknown startup called TheFacebook. Larry was with Battery Ventures at the time, but declines to throw his ex-bosses under the bus for passing on the investment (which perhaps could have kept the company in Boston). He’s kinder than I would have been…

* Morning Call: U.S. futures point flat to lower, London rises early, Europe flattens as financials weigh, the Nikkei has its worst day in over two months and Hong Kong shares pull back.

* Dear John Thain on making financial networks useful. I agree with him in theory, but the end product could be so boring that no one except financial bloggers would watch.

* Might Jack Connors and Steve Pagliuca team up in their efforts to acquire The Boston Globe? Beth Healy reports that it’s possible, and it would make all the sense in the world. Both men view this mostly as a civic rescue, so why compete? Only caveat would be if they don’t get along (and I have no idea, but will try to find out).

* Why isn’t Roger Ehrenberg blogging much anymore?

* Scott Austin has more info on what Eric Hippeau’s move to HuffPo means to Softbank VC.

* Yesterday, we reposted a slideshow called Things a VC Would Never Say. Now, Chris Yeh follows up with Things a Founder Will Never Say: