peHUB First Read

Cofee* A brief history of insider trading and private equity

* Paul Farrell: Your brain is killing America’s capitalism

* Quadrangle Group doesn’t seem to be doing deals, so it might as well host top-secret media conferences.

* Morning Call: U.S. futures point lower, London slips below 5k, European shares extend losses on banks, the Nikkei keeps falling and China shares hit 2-month high. RBS and Lloyds agree to a major shakeup.

* VC-backed bust: ProQuo, which raised $15m from DFJ and Mission Ventures.

* Australian private equity fund-raising has gone down under. Way down under.

* Pay-to-Play: Kevin McCabe has verbally agreed to settle with Andrew Cuomo, and repay $535,000 he received for helping to secure New York State pension fund business for GKM Newport Management. No admission of wrongdoing, of course…

* New VC blogger alert: Ben Holmes, a London-based partner with Index Ventures.

* Will China be the iPhone’s Waterloo?

* Paul Volcker walks out on Maria Bartiromo: