peHUB First Read

Some links to kick off 2008:

* We already have the year’s first busted buyout: Blackstone and GE’s planned $1.69 billion acquisition of PHH Corp. The plan had been to take Cendant spinout private, and then split it in two, with Blackstone holding PHH Mortgage, which originates private-label mortgages, and GE acquiring PHH Arval, which provides fleet management services. But that’s all over now, and buyside fingers are aimed at Wall Street.

* If the subprime mess is already passé, what’s next? Robert Samuelson nominates credit default swaps.

* Kleiner Perkins garnered most of last year’s VC/cleantech headlines, but CNet thinks it was more style over substance.

* The economic shock to venture investing.

* Fortune presents its Six Leaps of Innovation to watch in 2008. peHUB readers probably won’t be too surprised by number three…