Wall Street banks helped Chinese military-linked firm raise billions despite red flags, lawmakers find

Congressional investigators found that JPMorgan Chase, Bank of America, and Morgan Stanley helped Chinese battery company CATL raise billions of dollars despite the Pentagon designating it as a military-linked firm. While the banks violated no U.S. law, the report argues they disregarded the government's military designation to earn millions in fees. The investigation highlights a policy gap where Pentagon designations lack enforcement mechanisms to prevent U.S. financial institutions from assisting restricted companies.