* Eric Grover: What went wrong with First Data?
* Jerry Levin says “I’m sorry” for AOL-Time Warner merger.
* Tom Sullivan: End of the great junk rally
* Simon Johnson: Economic recovery and the coming financial crisis (.pdf)
* Clint Chao of Formative Ventures posted his 2009 VC Oscar picks over in our Vox Populi section, while Michael Greeley of Flybridge Capital takes this exercise a few steps into the future for Xconomy.
* Kara Swisher reports that Apple has agreed to buy Quattro Wireless for $275m. Sounds like a homerun for VC firms Highland Capital Partners and Globespan Capital Partners, which invested a combined $28m since 2006. [Update: Quattro confirms]
* Bringing VC to the people: First Round Capital today is headed out on its NYC Startup Trek, where it will visit eight incubator/temp office space locations throughout the city.
* Tweet of the Day: @reformed broker BREAKING: Apple’s iTablet to Pay back TARP…..stay tuned
* Kartina Brooker: Sandy Weill, alone with his regrets
* 2010 M&A outlook with Bob Profusek of Jones Day and Frank Aquila of Sullivan & Cromwell: