peHUB First Read

* Does Cadbury’s rejection of Kraft give private equity an opening to get in on the deal? Seems unlikely, but the WSJ does offhandedly suggest that perhaps PE’s role could be as a partner to Hershey’s. 

* Emotions run high in the battle for control of PAI Partners.

* Fred Wilson picks up on Obama’s school speech: Why you should wear your failures as a badge of honor.

* Morning Call: U.S. futures point lower, London falls early, European shares inch higher, the Nikkei slides 0.8% and Chinese shares keep rising.

* Daniel Finkelstein: The Beatles were a triumph of capitalism.

* Larry Cheng of Fidelity Ventures updates his Global VC blog directory (including rankings by #of RSS subs)

* McGraw Hill says that 93 parties have asked for info on BusinessWeek. Private equity firms are, of course, included. No word on if some of them just wanted pro rata subscription refunds if the mag shuts down.

* Newest VC blogger: Chip Hazard of Flybridge Capital Partners.

* The best places to launch a career.

* Jack McHugh: New normal means that central banks aren’t long for this world.

* Derek Thompson: Why are unions more unpopular than ever?