peHUB First Read

Cofee* James Surowiecki: Why banks stay big (Related: Financial reg bill expected to be unveiled today)

* Hey VCs: Remember, it’s not your company

* Chris Douvos: “Sometimes I wonder if Silicon Valley is the modern version of Fitzgerald’s Jazz Age playground.”

* Morning Call: U.S. futures point higher, London rises early on commodities and pharma, European shares climb on oil, the Nikkei hits 4-week closing high and both Hong Kong and Chinese shares surge.

* Paul Graham: What startups are really like

* Chadwick Matlin: Why we should all be happy if Hulu makes us pay.

* CIT CEO’s wife is very angry about those pay caps for TARP recipients.

* Tips on how to manage your email inbox (I think I’m going to try George Colony’s “one touch” rule).

* Fortress marked up portfolio assets in Q2, but they’re still 25% underwater.

* Joe Weisenthal says that Carl Icahn is great at getting on a public board, but that his successes end there.

* Adam Lashinsky says that Sequoia Capital branched too far with its efforts to build an asset management arm. As an addendum, Sequoia does still have a few of the “Heritage” folks sitting in its Valley offices, although not the ones mentioned in Adam’s story. One of them, however, is only sitting pat until he can find new employment (which I’m told Sequoia is trying to help him do).