* Felix Salmon: How to deal with second liens
* Stuart Lyman: Who’s going to pay for future drug development?
* Volcker fizzle: Goldman Sachs (GS) still plans to make principal investments
* Alexis Madrigal: Does Anne Hathaway news drive Berkshire Hathaway stock?
* Ex-Blockbuster CEO John Antioco discusses his difficulties in working with Carl Icahn. Icahn responds, calling Blockbuster “the worst investment I ever made.” And, just to complete the circle, Antioco comes back at Icahn in the comments section of his original post.
* Morning Call: U.S. futures point higher, London rises early on financials, European shares climb and Tokyo markets reopen strong.
* By the numbers: HBS startup activity
* Buh-bye: Treasury’s TARP investment chief to step down
* Kate Zernike: Gains and drawbacks for female profs at MIT
* Banker: A “huge wave” of M&A is about to hit Silicon Valley
* Still not getting Term Sheet’s morning emails? Sign up (for free) here!
* Mike Eisenberg writes an ope n letter to the employees of Snaptu, which is being acquired by Facebook: “Please stay in Israel”
* Tweet of the Day: @logicalmoron I half expected them to just add the Gs together. AT&T, now with the world’s only 7G network.
* Tweet of the Day II: @StaceyCowley Dear Facebook stock holders: I will pay you $432 for one (1) share. I want to see the media implosion over “FACEBOOK WORTH $1 TRILLION!!!!”
* Yves Smith on revolving door between AIG and the NY Fed: “The corruption in high places is getting more and more brazen with every passing day. The only thing that separates the US from conventional banana republic status is that no one leaves keys to new luxury cars on the desks of officials to secure their cooperation. It’s just not enough of an inducement to get anyone to take action.”