peHUB First Read

Some links to kick off your Friday:

* Sings of leveraged buyout life? First it was James Coulter of TPG. Now it’s Steve Pagliuca of Bain Capital. If Steve is wrong, forgive him. He’s probably in over-optimism mode given the revived fortunes of his other interest.

* Northern Rock is much more than a messy buyout situation. It’s also a legacy-definer for Gordon Brown.

* Wired got the exclusive with Adeo Ressi, known until 6pm last night as “Ted” of TheFunded.com. I haven’t gotten through it yet, but that’s what the next five hours on a flight from San Fran to Boston are for.

* Does Cerberus have United Rental exposure beyond the possible termination fee?

* Facebook has plenty of cash, but it’s being used by some folks who feel they’re underpaid.