* Paul Graham: Frighteningly ambitious startup ideas

* Larry Swedroe: How Wall St. exploits individual investors

* Barney Frank: I want a simpler Volcker Rule by Labor Day

* Morning Call: U.S. futures point higher, London rises early, European shares retreat and the Nikkei falls.

* Beyond pink slime: Other gross stuff the FDA lets us eat

* Robert Sachs: The Supreme Court’s bad precedent for innovation

* Matt Levine: Congressional insider trading gets somewhat less legal

* Propublica: Is Pennsylvania fracking town’s water really safe to drink?

* Venessa Wong: Boston’s “Innovation District” awaits more innovators

* Jonathan Salant: How payday lenders hide their SuperPAC donations

* Get Term Sheet: Sign up for daily email on deals & dealmakers

* Tweet of the Day: @alansmurray Carlyle’s David Rubenstein on 15% carried interest tax rate: real estate industry is more powerful lobby on this than private equity.#wsjeco

* Tweet of the Day II: @StacyCowley: little-covered angle: the 500 rule apples for *each class* of stock. Twitter, for example, has 1k+ shareholders.

* Tweet of the Day II: @lifescivc W/ JOBS Act in place, I’m sure we’ll c tons of Biotech S1’s. SOX reg’s & IPO costs have held us back, not lack of a public capital mkt. NOT.