peHUB First Read

* Can California declare bankruptcy?

* Business schools revamp their applications

* Bijan Salehizadeh: Friendly advice for first-time CEOs

* Morning Call: U.S. futures point lower, London falls early, European shares slipthe Nikkei loses 0.1% and Hong Kong shares gain

* The end of WiMAX? Cisco is the latest to bail

* Liz Gannes: When it comes to social sharing, don’t forget about email

* Tickets are now on sale for the next peHUB Shindig. Takes place March 31 in Boston (details about a San Francisco event will come next week).

* John Carney changes his mind on carried interest taxation, moving from the light back into the darkness. His basic argument is an old PE standby: LPs deserve all of the profit, and also the right to (preemptively) divvy up that profit as they see fit (no matter who originally put the capital at risk). Of course, that same argument wouldn’t apply to those who receive a corporate bonus (based on firm profits) in lieu of salary. Or someone who hires a contractor to redo a kitchen, sells the house at a profit and then pays the contractor with the proceeds (guess what rate the contractor must pay?). John handles all this by claiming the tax code isn’t consistent — he’s right — but doesn’t that actually argue for a rule change (carried interest) that would make the code a smidgeon more consistent? As you can tell, I feel a blog post coming on later today…

* Tweet of the Day: @bryce if you think I’m slow replying to email just try leaving me a voicemail. go ahead. try me.

* Q&A with Citadel Capital founder Ahmed Heikal, on why his firm is launching a private equity fund focused on East Africa.

* Paul Allen’s Vulcan Capital claims that two fired workers should not be allowed to collect on an arbitration panel’s ruling, because one of the arbiters was “tainted.”

* Why you can’t work at work:

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