BofA Bids Were Made to Rig Muni Prices With UBS, Witness Says
This article is for subscribers only.
A prosecution witness who claims he conspired to rig bids on municipal bonds with three former UBS AG employees denied bids he made were legitimate as a defense attorney sought to characterize them as simply hurried.
Doug Campbell, who worked in Bank of America’s municipal reinvestment and municipal interest-rate hedging group from 1998 until 2002, was asked yesterday by Gregory L. Poe, a lawyer for Michael Welty, one of the UBS defendants, whether the low bids he submitted were intentional or a result of being distracted.