In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black , head of private equity giant Apollo Global Management LLC .
Aurelius Capital Management LP, the distressed-debt investor that has battled the government of Argentina and some of Wall Street’s biggest buyout firms, is drawing support for its claims that a mobile-phone carrier in Latin America effectively subordinated some of its obligations.
Another drive is under way to reform the nation’s election system -- this one led by a new bipartisan commission. Expectations, as usual, are low. Even before President Barack Obama named the members of the Presidential Commission on Election Administration in May, the defeatist drumbeat had begun. Commissions are ineffective; there is too much partisan rancor to get anything done; registration snafus and long lines at polls can’t be solved.
Bill Gross is starting a new version of his Pimco Total Return Fund that will rely less on derivatives and leverage, two of the tools he used to build Total Return into the world’s largest mutual fund.