peHUB First Read

* Rob Go: Good vs. bad VC diligence

* Google’s Susan Wojcicki: What we’re going to do with AdMob

* Katie Benner: Financial regulatory reform will turn private equity into shadow banking

* Morning Call: U.S. futures are mixed, London rises early, Europe extends rally and the Nikkei gains 1.3%.

* Christine Idzelis: Paper jam hits Cerberus

* Yale’s endowment returns: Manager skill or risk exposure?

* Over before it began: Atlantic Media halts work on biz site

* Felix Salmon: News consumers, paywalls and useless tourists

* Ray Padgett: Why MySpace can still win as a music destination

* Hey Chicago: Remember to get tix for the peHUB Shindig on June 16

* Tesla filed an amended S-1 yesterday, and we learned two things: (1) The Toyota deal is not a silver bullet, and (2) The company has a new PR defense for Elon Musk’s private jet use.

* Tweet of the Day: @cdixon A bunch of investors have told me recently there is no way they’d invest in Twitter ecosystem now.

* Tweet of the Day II: @ScottMAustin I calculate I spend about 6,000 minutes a year deleting email. What would I do with those four extra days? Delete more emails.

* Howard Gleckman: “Do we want to use the tax code to subsidize home ownership? And, if we do, is the mortgage interest deduction the best way to do it?”