peHUB First Read

Some links to kick off your Tuesday:

* UK politico Alastair Darling today will try to make everyone forget about Gordon Brown’s election debacle, by introducing a bill to raise taxes on private equity pros. Who needs democracy, when you can simply have diversion?

* Chris Flowers told Sallie Mae that it has until today to accept a reduced buyout price. Sallie Mae told Flowers that it will see him in court.

* Dan Gross asks if The Ethanol Boom is Going Bust?

* ReachLocal raises $55.2 million in new VC funding. The LA Times has more on that, and the overall market for websites targeting local advertisers. Read it here.

* Bankrupt Death Row Records is in search of a stalking horse, but prospective bidders can’t figure out what assets the label actual holds.

* Morgan Stanley makes big India push.