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Wall Street Roundup: Amateur night at Apollo; shorting America.

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Gold: Trading now at $1,516 per ounce, up 0.8% from Monday. Dow Jones industrial average: Trading now at 12,744.30, up 0.5% from Monday.

Heads I Win, Tails You Lose. After making billions betting against Lehman Brothers and the larger subprime meltdown, a hedge fund magnate is now making a fortune from Lehman’s bankruptcy-ridden assets.

Amateur Night at Apollo. Apollo, the New York private equity firm, not the famed theater, bought the parent company of ‘American Idol.’

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Shorting America. Bill Gross, the PIMCO bond guru, is ramping up his negative bet against Treasury bonds.

-- Nathaniel Popper

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