peHUB First Read

Cofee* Cerberus would lose its equity stake in Chrysler, under terms of the Obama Administration’s proposed restructuring. Maybe that’s for the best, given that Cerberus has already pledged to decline any carried interest from the deal — thus minimizing its alignment of interests (never understood why that was a good idea). The firm will, however, continue to be a bondholder in Chrysler, and majority stakeholder in Chrysler Financial.

* Google formally announces its venture capital unit.

* The Private Equity Council yesterday released a new white paper on PE’s role in promoting economic recovery. Here’s the download.

* Morning Call: U.S. futures looking up, European shares rise on bank rally, the Nikkei falls 1.5% and Hong Kong closes higher.

* A new “Nigerian” email scam is using private equity as its bait.

* The government crackdown on P2P lending (most of which is VC-backed). 

* CEO is again the safest job in America (well, at least outside of Detroit)

* Michelle Leder: Where were GM’s directors?

* Does China 2009 = US 1929?

* A closer look at how VC-backed Hammerhead Systems went belly up.

* Mike Psaros of KPS Capital Partners makes his debut appearance on CNBC. Considering that KPS is one of the very few firms doing new deals, it may be the first of many…