US banks make bad bet on Shein

News Snapshot:

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...