peHUB First Read

* We’re starting to get a clearer understanding of how the Skype deal got so messy. BusinessWeek reports that company founders Niklas Zennström and Janus Friis were part of a rival bid (backed by Elevation Partners), to the eventual winning offer by Silver Lake Partners, et all. The founders and Elevation valued Skype around $650 million lower than did Silver Lake.

* Lee Hower: Are VCs enablers, value adders or scourges of the earth?

* Dunkin’ Donuts is being accused by franchisees of a campaign to fine or purge shop owners. The PE-backed company, of course, denies such allegations.

* Morning Call: U.S. futures look flat, London rises early, European shares rise on banks and miners, the Nikkei keeps slipping and Hong Kong closes lower.

* Why does the SEC prosecute companies instead of people?

* When your venture guy says goodbye.

* An ex-Moody’s analyst is headed to Congress, to testify that inflated credit ratings are not a thing of the past.

* What you need to know about those new anti-trust guidelines.

* Glenn Hutchins won’t discuss the Skype situation, but does believe that the financial markets might be on the cusp of a new “golden age” for private equity. That feeling you have is pervasive confusion. Or queasiness.