2. Cut the the 12v line of the ribbon cable and plug the powered riser into any PSU you want.
Well that proves it then. Whoever designs a powered riser like that is a moron. cryptoderf, in simple terms: you have 12V coming from the motherboard, which gets it from PSU #1. If you then connect this to the 12V coming from PSU #2 then you have just cross-connected two power supplies. They never put out exactly 12.000 volts, there will be some variation, so current begins to flow between the power supplies. In fact, the current flows in such a way that the voltage difference only gets worse. At least, until something melts and the circuit is broken.
They probably do it that way because they expect everyone to only use a single power supply, and that way it still works as an unpowered riser if you don't connect power.