peHUB First Read

* Elizabeth Warren keeps sounding the alarms, particularly on how the mark-to-market tweak has simply obfuscated the toxic asset problem (not eliminated it).

* If you saw the 60 Minutes rerun this past Sunday, you watched paralyzed patients move a computer cursor with nothing more than their thoughts. Freaky cool. Well, it seems that the company trying to commercialize the technology has failed from a lack of financing, but it’s now getting a second lease on life.

* Morning Call: U.S. futures point higher, London rises early, European shares climb, the Nikkei looks to regain its 10-month high and Hong Kong shares partially recover. * Tim Zagat reveals the world’s top power lunch spots.

* It was right there in the contract: Some hedge fund managers are suing a man who they gave $4.2 million to build “an integrated global community of trading partners.” Apparently the hedgies thought the phrase was biz jargon, but the money actually went to build a swingers ranch.

* Platinum Equity takes the axe (again) to The San Diego Union-Tribune, cutting another 112 employees. That means that about 30% of the paper’s staff has been cut since Platinum took over just three months ago. The nervous finger-tapping you hear is coming from Boston Globe HQ newsroom in Dorchester…

* Cap and trade “investor” Thomas Crocker now doubts that the system would succeed, and favors a carbon tax instead.

* Gallup doesn’t see evidence of a back-to-school spending rush.

* The Daily Show heads to HBS, to see why some MBA candidates won’t sign the Ethics Oath: