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BreakingviewsChancellor: Regulators will kill the SPAC frenzy Reuters 7 minutes read A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid Three centuries have passed since the launch of “a company for carrying on an undertaking of great advantage, but nobody to know what it is.” It’s easy to think that only fools would invest in a shell company which had yet to declare its purpose. But investors in the most famous of these so-called bubble companies, which sprouted in London’s Exchange Alley in early 1720, weren’t complete idiots. Since its shares were issued on a partly paid basis, they were hugely leveraged to a rising stock price. Some speculators made 30 times their initial down payment. Likewise, most players in the current craze for blank-cheque vehicles, known as special purpose acquisition companies, or SPACs, are rational. But even rational bubbles eventually burst.

United statesCity ofUnited kingdomExchange commissionA company for emptying the necessary housesLondon exchange alleyExchange alleyWall streetBill bernsteinRomeo powerஒன்றுபட்டது மாநிலங்களில்நகரம் ஆஃப்ஒன்றுபட்டது கிஂக்டம்பரிமாற்றம் தரகுலண்டன் பரிமாற்றம் சந்துபரிமாற்றம் சந்து