US banks make bad bet on Shein

The controversial Chinese fashion retailer Shein is planning an initial public offering. The three most prestigious U.S. investment banks, Goldman Sachs, J.P. Morgan, and Morgan Stanley, are the lead underwriters . The three banks will share the majority of the fees from the transaction, somewhere between 4% to 7% of the value of the deal, estimated at around $9 billion. The underwriting opportunity presented by Shein illustrates why the premier financial firms of the U.S. prostrate themselves before Chinese Communist Party Chairman Xi Jinping . The banks follow the money, and have few reservations about how they get it. BIDEN…