The Los Angeles Times got its first scoop in quite a while Wednesday when the paper reported that Perot Systems, an energy concern started by billionaire Ross Perot, the former presidential candidate, tipped off companies like Enron on how to exploit loopholes in California's electricity market to inflate power prices and boost profits. State Sen. Joe Dunn, a Democrat from Orange County, leaked the story to the Times. Wall Street got spooked by the news punishing Perot Systems shares Wednesday, which declined $3.53 or 19% on the news. I have a feeling Dunn is also leaking the news to hedge funds, which are shorting the stocks in hopes of reaping a windfall.
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