peHUB First Read

Cofee* The downfall of Washington Mutual: On Sept 24, 2008, Washington Mutual had bidders banging down its doors. Less than 24 hours later, it had federal regulators nailing them shut.

* Startups rise from the wreckage of New York’s financial system.

* So you want to be a junior VC? Healy Jones has some pointers.

* Morning Call: U.S. futures point lower, London rises early, European shares flatten, the Nikkei gains 1.5% and both Hong Kong and Shanghai jump. CIT expected to file for bankruptcy within the next several days.

* The Economist: “The buy-out barons say the worst is over. They would.”

* Could credit default swaps be the death savior of AIG?

* The gun sale boom has subsided. Bad news for Cerberus-backed Freedom Group, which recently filed for an IPO. Good news for deer.

* Law firm mergers: Who is the biggest of them all?

* Microgrids: A $2.1 billion market in the making?

* Xconomy: 10 New England high-tech financings you haven’t heard about yet.

* Chris Cramer, Reuters’ global editor of multimedia, recently gave a speech before the Association of Online Publishers, about content, convergence and creativity. It almost sounds as if he’s describing peHUB…

1 Comment

  • [...] Vibrant tech startups emerge from New York’s financial wreckage. According to Wired, New York City’s tech scene has got an unexpected boost from the financial sector’s demise. Investors that used to look to larger institutions are giving startups that need just a couple hundred thousand more of a chance. Scrappy tech CEOs are also having an easier time pulling good talent. With the financial and media industries in turmoil, the market in general is more hospitable to these upstarts. Engineers that were once hard to lure away from six-figure salaries are attending suddenly maxed-out events like NY Tech Meetup. And VCs like Spark Capital, Polaris in Boston, and First Round in Philly are creating a network effect. In fact, New York has been quietly, asserting itself as a hub for tech startups for the past couple years. First Round Capital’s entrepreneur-in-residence Charlie O’Donnell tells Wired, “Some of the entrepreneurs who have been ‘head down,’ building great businesses, are now able to take a breath for the first time in years . . . so there’s more visible participation from them in the community.” So who are some of these phoenixes rising from the ashes? Ivy Exec: “like an even more velvet-roped version of Ladders.com” that Inc. profiled in July. And GiveReal: a site that started out as a Facebook group and lets people give gifts at nearly a million different merchants by piggybacking on existing credit card networks. (Hat tip, peHUB). [...]

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