peHUB First Read

Cofee* Daily carnage report: Goldman Sachs and Morgan Stanley are no longer traditional I-banks,  Nomura is buying Lehman’s Asian operations, IPO stocks get battered in the market tumult, the actual text of Paulson bailout proposal and stock futures are down.

* Kedrosky thinks we should all get bailout tombstones. I say we should all get a closing dinner.

* Icahn blames corporate waste.

* Heidi asks if Hank Paulson is too powerful. My take is that no one individual (or federal department) should have the responsibility being proposed without any real oversight. That also seems to be the political consensus that’s building — at least judging Obama and McCain’s statements. I’m sure that’ll cause troubles in today’s stock market (lack of expediency and all), but the current plan seems more irresponsible than subprime mortgages. After all, we don’t even know who’ll be Treasury Secretary in six months.

* James Surowiecki on the humiliation of being a public company.

* Speaking of Heidi, she recently posted an interview with Michael Bleier, former Mellon Bank general counsel who helped spin off Grant Street in 1988 to protect Mellon from its own bad loans. Kind of kicked myself when I saw this, given that Bleier is my uncle…

* NYT plants a sloppy wet kiss on Union Square Ventures.

* The next private equity crush: Family winemakers? (sub req)

* Wallstrip on Quality Systems: [youtube][/youtube]