peHUB First Read

Cofee* Equity Office Aftermath: The commercial real estate deal of the century has turned into a sinkhole, particularly for those who bought from Blackstone.

* Last week, Apple co-founder Steve Wozniak took an operating role with VC-backed Fusion-io as chief scientist. Apparently it’s only a part-time job, because he’ll also be Dancing with the Stars.

* Morning Call: U.S. futures dip, European shares stay flat, the Nikkei falls on bank worries and Hong Kong shares rise for the fourth-straight session.

* Did Wells Fargo really save money by canceling its Las Vegas bash?

* Will retail ever fully recover?

* Obama/Geithner apparently want private equity firms to help finance the bad bank, and perhaps might use some sort of backstop structure as incentive. Considering how much mega-buyout money ultimately comes from public pension funds, this is almost a reverse money flow from the states to the federal government. It’s also not what most private equity funds were raised to do. The question, therefore, is whether firms will take the low-risk opportunity to deploy capital (which many of them are desperate to do, lest they reduce fee income via fund size cuts), or if limited partners step in an say “No bleeping way.”

* Speaking of which, Tim Geithner will announce the newest bestest bank stimulus today tomorrow at 11am ET.

* VC-backed bust: Ruckus.

* Mohamed El-Erian: Diversify, diversify. Oh, and leave

* Two simple ways to revive Seattle biotech.

* Is bank undercapitalization not as widespread as we’re being led to believe?

* Chad Gifford, chairman emeritus of Bank of America, gets asked about Obama’s executive comp limit. He first seems to favor it, but ultimately believes the $500k figure is too low:

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