First Read

* MacHeist creator John Cassanta on the venture rush into iPhone apps: F**k the VCs.

* Michael Copeland: Is there any remaining hope for 2008 IPOs?

* A court has ruled that video sharing site Veoh is not liable for copyrighted material posted to its site (and adult film company had filed suit). That’s big news for Veoh investors like Shelter Capital, Spark Capital and Time Warner. It may be a bigger deal for Google/YouTube, which is fending off a similar suit from Viacom.

* During a recent CNBC appearance, Joe Kernan asked me if fewer B-school grads were looking toward private equity. I responded that most of them are just trying to find a way to stay in B-school a bit longer. As always in a troubled economy, the MBA applicant pool is swelling.

* Carl Icahn: Three senseless steps in a proxy contest.

* Mark Warner’s speech lit up the Twittersphere. That’s because those folks only read a particularly good line about the future of science, as opposed to actually listening to the entire speech. The former was apparently exhilarating. The latter made you want to punch yourself in the face.