peHUB First Read

* Lehman may sell all or part of its asset management business to private equity firms.

* Blackstone Group is advising bankrupt energy trader SemGroup on its restructuring, but would actually make more money on a liquidation. Not surprisingly, some of SemGroup’s creditors are a bit ticked off by the arrangement.

* The Ron Insana Story: Running a hedge fund is harder than it looks on TV.

* John Doerr’s daughter Mary has launched a nonprofit group to help turn teenagers into community activists.

* No one wants to buy FirstLight Financial, according to The Deal.

* The Mason-Dixon/Soda-Pop Line.

* Equity Private is having some fun with head-in-the-sand CDO managers. Here is Part I of her four-part series, The Spiral (get ’em all here): [youtube=]