* Ari Emanuel: Shut up and pay up
* Matthew O’Brien: 5 reasons China may already be in recession
* If only she’d been promoted… The irony of Kleiner Perkins lawsuit
* Morning Call: U.S. futures point higher, European shares steady and the Nikkei tumbles.
* Morgan Stanley’s Gorman: “Be proud” of Facebook deal
* David Callaway: A summer rally is “inevitable”
* Facebook IPO chill: Graff pulls $1 billion offering. Kayak delays.
* Nasim Taleb: Eurozone breakup would create “a lot of fun currencies”
* Hanover hangups: Should endowments invest in trustee funds?
* Get Term Sheet: Sign up for daily email on deals & deal-makers
* Not a joke: Space station “resident” uses Lego to fix CO2 scrubber
* Trevor Gilbert: The good, bad and ugly of building a company in Austin, Texas
* Old-fashioned: Jack & Suzy Welch think private equity only buys “troubled” companies