peHUB First Read

Cofee* We’re from the Fed, but unfortunately don’t have the authority to lend Lehman any emergency funds. What’s that? It’s just gone Chapter 11? Ok, then now we can lend it $138 billion.

* Robert Chew: How I got screwed by Bernie Madoff.

* Morning Call: U.S. futures mixed ahead of Goldman and the Fed, FTSE rises on drugs, other European stocks also up at mid-day, Nikkei down and Hong Kong up.

* Owen thinks that Facebook’s new valuation is between $1.3 billion and $2.3 billion. This sounds like a major drop from the $15 billion pricetag Microsoft put on its investment last year, until you remember that Microsoft gave that figure as part of a larger strategic arrangement — rather than as a pure venture capital investment. In other words, it was a bogus valuation to begin with.

* Profitable until deemed illegal: Atwood on online auction site Swoopo.

* National Geographic: The real price of gold.

* The Economist says it’s sorry for those 2008 predictions.

* Fred Wilson: How to survive a horrible airline seat assignment.

* The fall of the mall is upon us.

* While daddy Madoff was stealing, son Mark was out fishing: