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.’

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

-- Nathaniel Popper