peHUB First Read

Cofee* Banks have collected just $1 billion in private equity fees over the first half of 2009, according to DealLogic. For comparison, they got that much after just the first five weeks of 2007.

* Another PE pro enters politics: Kip Kirkpatrick, co-founder of Water Street Healthcare Partners, is running for Illinois State Treasurer.

* Morning Call: U.S. futures point higher, London rises early, European shares climb, the Nikkei dips and Chinese shares lose 0.2%.

* Barry Ritholtz: Why does UBS still employ Phil Graham?

* Joe Nocera to Madoff victims: Get over it.

* Om Malik: What went wrong with Joost, the (heavily) VC-backed online video company that is cutting up to 90% of its workforce.

* Wicks Group shuts down hip-hop magazine Vibe.

* Tadas Viskanta: Do correlations matter when the world is on fire?

* Matt Taibii responds to Goldman Sachs, after Goldman Sachs responded to Matt Taibbi.

* Q2 data on VC-backed M&A and IPOs below. You also can download it by clicking here