peHUB First Read

* Sarah Lacy: Brazil’s slumdog entrepreneurs

* Are family offices the new face of venture capital?

* Breaking up (a buyout) has gotten much more expensive

* Morning Call: U.S. futures point lower, London rises early, European shares retreat, the Nikkei hits 1-week closing high and Hong Kong shares climb.

* Jon Corzine starts small in bid for redemption

* Will Warburg Pincus play spoiler on the Fidelity National buyout?

* Beverly Hills Austerity? California is now one of the world’s top 10 government default risks

* The winner of MIT’s $100k business plan competition is an entrepreneur who’s PhD is in concrete

* John Carney joins CNBC, a network at which he’s thrown more than a few rhetorical punches: “The folks at CNBC never seemed to hold a grudge about it. So I won’t hold one against them either.”

* I-bank hiring update: Grads welcome

* The economics of private equity funds (h/t Kedrosky)

* Tweet of the Day: @pegobry From the LP’s point of view, Ron Conway is basically a Silicon Valley ETF.

* Tweet of the Day II: @lucasvpraag Morgan Stanley probe is an outrage. There’s no way those idiots were smart enough to do the same things that we did.

* Not so sophisticated? SEC’s New York head is “pushing his staff to scrutinize products normally sold to institutional investors.”