Word: perots
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...When a group of California leftists asked H. Ross Perot to "finance the revolution," how did he respond...
...H.Ross Perot suffered probably the largest one-day financial loss in history, when speculators sold his stock short in 1970. How much did he lose, and how much did he have left...
...Ross Perot, 44. "Making money per se never really interested me," insists the clean-cut mule trader's son from Texarkana, Texas, who quit a salesman's job at IBM in 1962, worked briefly as a data processing manager for Blue Cross/Blue Shield, then set up the Dallas computer software firm of Electronic Data Systems with $1,000. By 1970 his assets had soared to as much as $1.5 billion. He promptly took an oceanic bath as the computer market went stale (in a single day the value of his stocks dropped $376 million), next scuttled tens...
Because duPont Glore Forgan's only data-processing customer is Walston, Perot's original Wall Street possession will probably soon be dissolved as well. Walston is trying to find other brokerage firms to assume the leases on its branch offices and its more than $350,000-a-month Lower Manhattan headquarters. So far, it has come up with takers for at least 71 offices. Many of Walston's 4,000 employees will probably be retained by the new managements; customers, if they wish to, can pick up their holdings at Walston and follow their old broker...
Narrow Ties. Despite the good will that he gained from the 1971 rescue effort, not everyone in the industry was sorry to see Perot take such a bath. He was distrusted for his blind faith in computerization as a key to the industry's survival, for his nostalgic standards of employee dress (dark suits, narrow ties and supershort hair), and for the heretical notion that brokers be compensated on the basis of how well their clients' stocks perform rather than on how many shares they turn over. "He alienated a lot of the jerks in the industry with...