[Photos: stockinasia/iStock, furtaev/iStock] By William D. Cohan 10 minute Read advertisement advertisement “Everyone’s raising a zillion SPACs,” a Manhattan billionaire tells me, referring to special purpose acquisition companies, the latest craze on Wall Street. He doesn’t want to be seen biting the hand that feeds him (and many others), and so he asks for—and receives—anonymity. “Every day there’s a SPAC merger,” he continues, amazed. “There’s a rumored SPAC merger. There’s another SPAC.” advertisement advertisement The SPAC business is “kind of like kissing a lot of frogs,” he suggests, although perhaps a slot machine would be a better analogy. “You don’t want to be a $400, $300, $200, $500, $700 million SPAC. They’re just a dime a dozen, unless you have something special.”