peHUB First Read

Cofee* Fred Destin: How a great entrepreneur deals with complexity

* Reddit’s divorce from Conde Nast: How a social media dream deal fell apart.

* SEC told to change the way it chooses investigations, in order to avoid the type of breakdowns that led to Madoff.

* Morning Call: U.S. futures mixed, London rises early, European shares extend losses, the Nikkei falls 0.5% and both Hong Kong and China shares lose ground.

* Tim O’Reilly: The war for the Web

* What corporate America is reading

* Marvin Clark: 10 reasons to believe we’re in a depression

* I’m still in LA, but good to hear the home state’s unemployment rate actually dropped last month (which is different than growing more slowly).

* Holloywood’s most overpaid stars, from an ROI perspective.

* Live-blog of Al Gore’s speech during yesterday’s GreenBeat event

* John Mack said yesterday that he welcomes –and actually appreciates — increased regulation: