First Read

* While you were watching Tropic Thunder last night, a few sad sacks were in the adjacent theater watching Warren Buffett and Pete Peterson discuss how the U.S. keeps choosing debt over fiscal responsibility. I’m not saying they’re wrong, just that they’re not as much fun to watch as Robert Downey Jr.

* Calcanis: Fire your PR firm.

* 3i Group launches a website devoted to corporate responsibility, which includes performance data and plans to become carbon-neutral by 2010.

* Bove raises the specter of a hostile takeover at Lehman.

* Heidi Moore on why it wouldn’t work.

* Haim Saban makes it rain.

* You don’t often hear about a PE-backed M&A deal collapsing shortly after it closes, but that seems to be the case for Sentient and JetDirect.

* When you cite a European study, the naked short-sellers win.

* Wallstrip goes back to school:[youtube=]