peHUB First Read

Cofee* Quadrangle Group’s hedge fund goes bye-bye.

* Citi cancels Christmas.

* UBS wealth management chief Raoul Weil has been indicted on charges of conspiring to defraud the U.S. government, by helping his clients illegally avoid paying taxes. I wonder how many PE pros are among the 20,000 (unknowing?) tax cheats…

* If the Detroit 3 need cash, perhaps they should start by cutting their executive compensation.

* Sorkin lauds Hank Paulson for having the courage to change his mind. But whatever happened to all that stuff about the market needing consistency and predictability? Seems to me that Paulson may well change his mind again. And again. And again. It’s all reactive.

* Morning Call: U.S. futures turn positive on better-than-expected Wal-Mart earnings, Europe down at mid-day, Nikkei and Hong Kong both at two-week lows.

* Has Warren Buffett lost his touch (again)?

* Eric Hovde just said on CNBC that his firm’s private equity arm was preparing to recap some banks, but now won’t because the banks just plan to access TARP.

* PE bigs offer grim economic outlook.

* Sign of the times: Valleywag to become part of Gawker.

* Sign of the times (part ii): Red Sox freeze ticket prices.