Contra Costa Times
A consumer group asked California Gov. Gray Davis to fire UBS Warburg LLC as investment banker for Pacific Gas & Electric Co.’s reorganization, saying the bank has conflicts of interest. The Foundation for Taxpayer and Consumer Rights says that UBS Warburg’s energy trading unit, purchased from Enron Corp. in February, “has a direct financial interest in the structure of the wholesale energy markets” that will develop after Pacific Gas emerges from Chapter 11.
