peHUB Second Opinion 10.6.08

Payback Time: The Wall Street Journal looks what pension funds want, what they think they deserve, and how they’re going about getting it. Hint: It has to do with suits, and not the kind you wear.

Overpaying: At the very least, even if valuations and seller expectations haven’t officially come down yet, some firms are trying to force em down. How is it possible that a PE firm would even *think* of overpaying on a deal these days anyways? According to colleagues at Reuters, Apax, Blackstone and Providence are trying to avoid just that, a potential overbid for a stake in India’s FirstSource Solutions.

Depressing News: Sixty Percent of Americans believe an economic depression is “likely.” Looking at the requirements for such a state is really, really scary.

First Timers: Anyone out there boldly trying to raise a first time fund? (Ahem, Guardian Capital, Prophet Equity…) Though it seems like a foolish mood, Buyouts’ guest columnist has some advice. (sub req.)

Three Years: That’s the last time PE fundraising has been this slow.

Caustic Verbal Abuse: How one shrink is dealing with depressed Wall Streeters. I don’t know how much of this I buy (it’s from the beta version of Daily Beast, a Diller-backed Tina Brown (of Vanity Fair fame) Web site), but the writing is horrifically captivating: “My phone has been ringing off the hook, as self-worth on Wall Street plummets faster than WaMu stock,” the shrink writes.

Liveblogging Fuld: Dealbook writes: 1:41 pm. | Regulation “Did the lack of regulatory framework contribute to where we are today?” Mr. Fuld asked. “I would say yes.” 

The New Black: Just as Europe was being hailed as the new frontier for finance, CNN turns an about-face, labeling the financially troubled continent the New Wall Street.