Ron Mwangaguhunga reports:

It’s July, so that means that the chattering class big guns are out and about in Sun Valley, Idaho, at investment banker Herb Allen‘s mogul retreat for a little “deep think” interspersed with rounds of golf. There is always, lurking in the green, the possible dramatic tension of the merger-subplot-scenario. Heather Godchild, chief media analyst at Standard and Poor’s credit rating service, told the Seattle Times: “Bucolic it may be, but this is a chessboard. You’ve got major, major players there thinking through some big questions.”

Much of the reporting coming out of Sun Valley appears to revolve around four themes:

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