Perot systems is the latest to be discovered to have been involved with the California power mess..
LOS ANGELES (Reuters) - A California state senator has alleged Perot Systems Corp. , which designed the computer systems for the state's power exchanges, with showing power companies how to exploit loopholes in those systems to inflate prices.
Shares of Perot Systems, founded in 1988 by former presidential candidate H. Ross Perot, plunged in response to the allegation, trading down more than 24 percent on Wednesday at $13.60 on the New York Stock Exchange (news - web sites).
State Sen. Joseph Dunn, who chairs a committee investigating price manipulation in California's energy markets, on Tuesday released documents from a presentation that Plano, Texas-based Perot allegedly made to Reliant Energy and other participants in California's electricity markets.
That presentation, which mapped out a strategy for creating congestion on the California electricity grid and driving up prices, represented a clear conflict of interest and could open Perot to civil and criminal liability, Dunn said, according to the Los Angeles Times.
I'm glad Senator Dunn is the one on this. Smart guy. Throws a good party, too.
