peHUB First Read

* Roger Ehernberg says that the KKR/Sun deal from 13 months ago telegraphed today’s private equity environment. He’s right, but that’s not terribly good news for PE, as the deal has been a dud.

* The Fed opens a Yahoo lending facility. Perfect satire.

* Goldman is quietly cutting leveraged finance jobs.

* Is LinkedIn being bought?

* Private exchanges join forces, as offerings drop (sub req.).

* Avista Capital Partners last week pulled off a big LBO upset, managing to secure leveraged financing for a $4.1 billion carveout of ConvaTec from Bristol-Myers (alongside Nordic Capital). But it looks like it’s previous acquisition of The Star-Tribune is in big trouble.

* Wallstrip on gas & oil prices:[youtube=http://www.youtube.com/w/?v=RV5sW_-KW7A]