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peHUB First Read

Cofee* Daniel Gross: The FDIC sold IndyMac to fast and too cheap. And to think, Thomas H. Lee Partners bailed out of the buying consortium just weeks ago, because it didn’t believe the terms could produce PE-level returns.

* Carl Icahn: The right way to Icahn-proof your board.

* Morning Call: U.S. stocks point lower as retail sales are eyed, European shares down (maybe BoE move will help), Nikkei and Hong Kong both drop.

* VC-backed battery maker A123 Systems still can’t push into the public markets, but that doesn’t mean it can’t ask for $1.84 billion in public monies.

* Layoffs at One Laptop per Child.

* Marion Maneker nails it: The media’s problem is advertising, and it’s a problem that the Web is exacerbating, not relieving.

* Another day, another rumored attempt to buy Yahoo using Microsoft’s resources. And another Boomtown shoot-down.

* Financial covenants on the auto bailout loans? To be determined.

* Obama’s economic speech is today at 11am ET. At least he isn’t being naive about what will happen when his stimulus package hits the pork-poppers on Capitol Hill.

* Delaware is another credit crunch casualty.

* The 500 worst passwords of all-time.

* Dominick DeChiara, chair of the private equity practice at law firm Nixon Peabody, on how some firms are using alternative structures to get deals done: