peHUB First Read

* Who killed the economy?

* Twitter gets new investors. I should have seen this one coming two weeks ago, when a member of Union Square Ventures came to our Shindig in New York, but had to leave early to get dinner with someone from Spark Capital.

* The New York City Council has injected itself into the carried interest tax debate, after getting tired of discussing schools and affordable housing. A majority of Council members support a plan that would raise the tax on carried interest from 15% to 35%, for VC and PE firms based within the five boroughs. No, don’t bother calling U-Haul and heading for Greenwich. This thing has zero chance of passing the state legislature, which means it’s posturing rather than policy.

* 10 ways to avoid screwing up your summer internship.

* Ashmore Special Situations Funds can’t find much distressed corporate debt in developing economies, so it’s placing its bets on private equity managers in emerging markets.

* Barclays gets an $8.8 billion capital infusion.

* Time to be a VC bull? 

* The global millionaires club gets larger, and its members get richer.

* How many I-bankers are really unemployed?

* NYSE has finally begun providing real-time stock quotes.

* Wallstrip interview with James Hong, founder of HotOrNot: [youtube=http://www.youtube.com/w/?v=_hGCcKsWz3E]