peHUB First Read

Cofee* This is not a joke: UK venture capitalists are asking the government for a £1 billion bailout, in order to prop up the nation’s tech and life sciences startups. They’d like it in the form of a fund-of-funds, if possible. I wonder if the VCs would also be willing to accept the compensation caps that could/should be attached.

* Biting the hand that feeds: Members of the House Financial Services Committee received around $1.8 million in contributions during the 2008 election cycle, from the very bankers they were pillorying yesterday.

* Morning Call: U.S. futures point lower, European shares slip early on banks and oil, the Nikkei hits a two-week closing low and Hong Kong shares fall 2.3 percent.

* Facebook valued itself at $3.7 billion as of last June, according to court records.

* An LP to LBO funds: Just because companies are cheaper than before, doesn’t make them cheap.

* CEO says no to layoffs: “We are not just dealing with numbers and profit, but with real people.”

* How one startup managed to get funded in the recession.

* Om breaks up with his iPhone… and just before Valentine’s Day too.