peHUB First Read

Cofee* GM has agreed to sell its Hummer brand, but isn’t yet saying who the buyer is. Last month, Reuters reported that there were three bidders, including PE firms. None was an automaker. This comes just hours after Platinum Equity agreed to buy Delphi out of bankruptcy. Wonder how all this is playing in Detroit, where PE right now is synonymous with Cerberus. Saviors or more scoundrels?

* Sarah Lacey: Why China isn’t the next Silicon Valley.

* Harris Collingwood: “Many business scholars have grown skeptical of the idea of chief executive as superhero. Cutting-edge research reveals that while some CEOs clearly do make a big difference, many are merely the most visible cogs in complex machines.”

* Morning Call: U.S. futures point lower, London falls early, Europe down on Barclays stake sale, the Nikkei keeps rising and Hong Kong’s rally fades.

* Q&A with Russ Wilcox, CEO of E-Ink (which yesterday agreed to be acquired for $215m).

* Sugar Media buys back shares held by NBC-Universal, but doesn’t exactly explain why or disclose the discount/premium. It also raised new cash from Sequoia Capital, bought a video shopping site and added a new biz unit.

* Michael Moore: “It is with sad irony that the company which invented “planned obsolescence” — the decision to build cars that would fall apart after a few years so that the customer would then have to buy a new one — has now made itself obsolete.”

* Robert Reich: “The only practical purpose I can imagine for the bail-out is to slow the decline of GM to create enough time for its workers, suppliers, dealers and communities to adjust to its eventual demise.”

* Steve Liesman interviews Tim Geithner from Beijing, on China-US economic relations: