UBS Banker in Swap Deal Arranged for Strippers, Utility Says
This article is for subscribers only.
A German water utility alleged a former UBS AG banker had an “inappropriate” relationship with consultants advising on disputed swap deals, the latest lawsuit to highlight how complex financial instruments backfired on municipal agencies during the 2008 financial crisis.
Kommunale Wasserwerke Leipzig GmbH said in court documents that Steven Bracy, the banker at the center of the allegations, booked strippers for consultants at Swiss firm Value Partners and went on an African safari with them. That happened even as KWL was negotiating on its derivative transactions with UBS.