peHUB First Read

* Wall Street bankers brace for bonus reductions. It could be worse… Just ask the Goldman Sachs intern who’s stripping to make ends meet.

* Eric Eldon reports that Facebook may let employees sell some stock, at a $4 billion valuation.

* If Lehman Brothers follows Merrill’s lead and begins unloading risky assets, it may find itself in need of new capital.

* Newsweek profiles Quadrangle Group founder Steven Rattner. Matt Wurtzel reads this as floating Rattner for Treasury Secretary in an Obama administration, but believes such conversations are premature.

* Speaking of Steven Rattners: Andrew Ross Sorkin discusses the bizarre events that may have led the other one to step down as head of DLJ Merchant Banking.

* NYT reports that Freddie Mac’s board is interviewing new CEO candidates, and Alan Schwartz has made the short-list (??!!).

* ChaCha in trouble, Friendster revived.

* Wallstrip on the Hollywood recession:[youtube=http://www.youtube.com/w/?v=zRfZ6IGW3eA]