peHUB First Read

Cofee* Nikki Finke: Teddy Forstmann is backing a new entertainment & media investment advisory. Details are a bit sketchy, but this could make Forstmann’s annual Aspen event even better (now if only we could get a ticket).

* How Jive Software adapted, following Sequoia Capital’s graveyard presentation. 

* Morning Call: U.S. futures point higherLondon shares up slightly before DoE rate decision (it’s keeping them at 0.5%), Nikkei jumps on Japanese stimulus plan and Hong Kong rose 3% after CITIC Pacific’s management shakeup.

* Distressed M&A is at a record high.

* James Freeman: Is Silicon Valley a systematic risk?

* At Google’s Cambridge offices, the game of choice isn’t Guitar Hero or Dance Dance Revolution. It’s good old-fashioned ping-pong.

* Fatburger puts its California and Nevada subsidiaries into Chapter 11. Seems the company defaulted on some loans to GE, and needs cheaper rents. But people in LA and Portland need their Fatburgers. Could a bailout be in order?

* Moody’s strips Berkshire Hathaway of its Aaa rating, in part due to key-man risk. Your move, S&P.

* Just like old times at MBIA.

* David Weidner: “The Meredith Whitney myth might be in line for a downgrade.”

* CNBC interview with Rich Miner, the Android co-founder who’s now helping to manage Google’s $100 million VC fund: