SPACs: Blank Checks & Full Imaginations

Source: American Consequences
by Enrique Abeyta

“I began my full-time career on Wall Street at Lehman Brothers in August 1995. Two years earlier, I spent the summer working for Lehman on the powerful fixed-income syndicate desk. When I started, Lehman was known as a fixed-income powerhouse. It was the only place I wanted to work. I imagined it being like the coolest fraternity on campus. As part of our training at the firm, though, new hires were required to do a ‘rotation program’ where we would sit on a number of other trading desks. The idea was that the team running those trading desks would get to meet us, and then both groups could decide whether it would be a good fit (similar to rushing a fraternity). For my rotations, I chose corporate fixed-income, syndicate fixed-income, internal proprietary trading (basically the company’s internal hedge fund), and private-equity placement. The last one intrigued me the most.” (06/09/21)