peHUB First Read

* After 7 years, the Doha trade talks collapse after disagreements over protecting/screwing farmers in developing countries.

* What did Merrill know, and when did it know it?

* Mervyn’s officially goes under. Interesting note from the Chapter 11 filing is that Cerberus sold out of the retail arm over a year ago. That means that Sun Capital Partners is left holding most of the bag, and perhaps not as much downside protection as I — and others — had assumed.

* Bennigan’s also goes bust. No, it’s not private equity owned, but I wouldn’t be stunned if it is soon.

* Mark Gilbert: Optimists buy iPhones, while pessimists hoard gold.

* T. Boone Pickens tied his Yahoo boat to Carl Icahn, and sunk. He’s kinda pissed.

* Should I pay my VC to consult for my company? Hell no!

* Each summer, Flybridge Capital Partners holds a weekend-long party up in Kennebunkport, Maine (where partner Michael Greeley has a home). Lots of VCs, entrepreneurs, Boston-area gadflies, etc. The highlight is always the Saturday night costume party, and this year’s theme was musicians. Here are the pics.