* Paul Graham: Founders are keeping control of their companies. Don’t let VCs tell you differently.

* Fiduciary duty fail? J. Crew CEO Mickey Drexler waited 7 weeks to tell his board about a takeover overture

* Morning Call: U.S. futures point higher, London rises early, European shares hit 3-week high and the Nikkei dips.

* Long wind-down: Candover to sell/spin out its private equity arm

* Dear U.S. taxpayer: You are no longer shareholders in Citigroup.

* Chart of the Day: Reality check on federal taxes as a percentage of GDP

* Tammy Wynette bait: Standing by Tiger Woods helped Nike’s bottom line

* Still not getting the daily Term Sheet email? Put down your rotary phone and sign up today.

* Peter Henning: Why prosecutors subpoenaed John Kinnucan’s company. No, it’s not just because he kept taunting them.

* Tweet of the Day: @
bryce
it’s only a bubble if you don’t think it is.

* Charlie Gasparino says that BoA has put together a “legal swat team” to counteract whatever WikiLeaks is planning to release:

[youtube=http://www.youtube.com/watch?v=IovQV4k2O7s]