peHUB First Read

Some links to kick off your Wednesday:

* Is the credit crunch now hitting startups? VentureBeat reports that Comerica has frozen money-market accounts of certain VC-backed startups, while TechCrunch suggests that up to 20% of Valley startups may have put their spare cash into auction rate securities.

* Going Private on marking to market. Good analysis, although she doesn’t comment on how private equity firms are now under MTM rules (even though it’s particular guesswork in their cases).

* Wilbur Ross on the Fed’s latest move.

* Should Microsoft be selling instead of buying?

* Richard Bressler of Thomas H. Lee Partners was talking Clear Channel in Washington DC yesterday. First with Congress, and then with the press. His optimism helped bump the CCU stock price up, just days before Bain’s capital call is due.

* Lehman vs. Bear Stearns.