peHUB Second Opinion 2.2

Must Read: PE “has yet to acknowledge what many of its investments probably are worth: little or nothing,” Barons reports. And it’s a good argument-PE pros are talking a lot about the buying opportunities, but how honest are they being about their crappy underwater mega-LBOs? (Baron’s)

Seriously: Kedrosky calls out CEOs ludicrous $1 dollar salary antics, which he says “mostly reminds employees how crazily overpaid the CEO was in the first place.” (Daily Beast)

PE Consolidation: Again, I disagree that PE firms will ever consolidate amongst themselves, but others seem to think they will. (FT)

Good God: WWD reveals Bank of England’s ridiculous dress codes, where female employees are required to wear makeup and heels. (The Cut)

Pontification: Simon Walker says, of Superreturn: private equity needs to accelerate its renewal. He’s got three places where “the sector needs to embrace fully the post-leverage era.” (FT)

The Financial Page: “Moral hazard has its costs. But, so far, our fear of it has proved much more expensive.” (New Yorker)

Crunchy: Is Facebook facing a cash crunch? And more importantly, is the firm being forced to approach SWFs? (WedGuild)

KKR: An example of the above-referenced talking points whilst cleverly avoiding talk of portfolio performance. (Reuters)

Madoff Goes Postal: Meaning, you can buy stamps with Bernie Madoffs face on them. TSG via  DB)