peHUB First Read

* My competitor just raised $50 million — Great!

* My competitor just raised $50 million — Yikes!

* Blackstone and other listed private equity firms have devised Plan B, to stave off the effects of Baucus-Grassley legislation that would tax them at the corporate rate. The so-called Blackstone Bill has a 5-year grace period built in for firms that are already public, and now there is lobbying pressure to extend that period to a total of 10 years.

* Rep. Charlie Rangel has drafted new tax legislation that would decrease the corporate tax rate from 35% to between 30% and 31%, according to WSJ. But of course there would be offsets, including the elimination of a deduction for domestic manufacturing. It also is reported to include the changed treatment of carried interest, from capital gains to ordinary income.

* Will the proposed 18% flat tax on UK private equity firms prompt a rush to the exits?

* Facebook gets sued again — this time for enabling unwanted text messages.

* DealBook with a Wall Street layoff update, in league table format.