/biz/ - Business & Finance

theintercept.com/2021/01/10/spac-blank-check-companies-biden/
>Investors are expected to trust a management team to find good business ventures to finance. SPACs gain their existence from loopholes in securities laws that make it easier to launch companies on the stock market through a SPAC than a traditional initial public offering, with much more leeway to make claims about future performance.
>The Biden transition team declined to comment as to whether or not they would support additional regulatory scrutiny for SPACs. Palahipitiya, the SPAC sponsor who works with Blinken, donated over $1 million to Democratic Party committees and super PACs in 2020.
>Secretary of State nominee Antony Blinken is an “adviser” to the firm. Defense Secretary nominee Lloyd Austin is also affiliated with the firm, as is Michèle Flournoy, who was also being considered for defense secretary. Director of National Intelligence designate Avril Haines is employed by Westexec Advisors, the Blinken-headed consulting firm that is closely associated with Pine Island.

first for pipp