SPACs were hugely successful (for banks)

Bosch’s ‘The Conjurer,” a painting depicting a confidence trickster playing a shell game for a group of gawking yokels. The con-man’s table has a Morgan Stanley logo.

Remember SPACs? For a while, you couldn’t turn around without hearing about a celeb who was backing a “blank check” IPO. It was confusing, because SPACs don’t make any sense: you buy into a company at $10/share. The company has no business, no products, nothing. But it plans on going public, and then buying another company.

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