peHUB First Read

Cofee* U.S. bailout panel: Toxic assets may need more Treasury support.

* VC-backed company valuations continue to fall in Silicon Valley.

* Print media isn’t the only industry suffering from online cannibalization. It’s also hurting porn.

* Morning Call: U.S. futures point higher, London slips early, European shares fall on banks, the Nikkei keeps climbing and Hong Kong closes at a one-year high.

* Brad Feld: How to run a great board meeting.

* Jaime Dimon takes a page out of Allan Mullaly’s playbook.

* Lots of champagne corks popping yesterday at Benchmark Capital, which agreed to sell portfolio companies SpringSource (to VMWare) and FriendFeed (to Facebook). Most of the navel-gazing Twittersphere has focused on the latter (after all, there were photos), but investors who care about big distribution checks probably are more excited about the former.

* Dick Bove defends Ken Lewis

* It was just a matter of time before Eliot Spitzer used his Slate platform to defend himself, from what he feels is the WSJ’s revisionist history on AIG and Hank Greenberg.

* Hedge fund heavies discuss the future of their industry.

* Not everyone is thrilled with the FriendFeed sale. Hitler, for example, is distressed: