peHUB First Read

* Colin Barr: Where are the subprime perp walks?

* The evolution of business simulation games.

* Morning Call: U.S. futures point higher, London hits 2009 high, European shares keep rising, the Nikkei clings to gains and Chinese shares fall.

* Do corporations need M&A bankers?

* Cerberus has finally found a deal that isn’t for the dogs.

* Facebook says it has becomefree cash-flow positive. Here’s how.

* Same old secondary story: Demand for Asian secondaries is outpacing supply.

* The sticky wage theory seems to have taken hold, as average income keeps rising (well, for those who can find work).

* Deja vu? Private equity firm buys Burger King (ok, it’s not exactly the same)

* The most frugal cities in America.

* Tweet of the Day comes from First Round Capital’s @kentgoldman: “The decline of syndication is bad for entrepreneurs and reflective of investor greed / ego. Support VC syndication.”

* A ranking of augmented reality startups. For the uninitiated, augmented reality is the “ability to superimpose data and information over a view of the real world.”