It appears the leader in business news CNBC has been having a stock picking stock contest called the Million Dollar Portfolio Challenge. While I was away CNBC moved to suspend said stock picking contest. It appears that some contestants found a glitch in the system and were able to exploit it to their benefit. Now some have taken to calling this cheating.
Cheating? Are you kidding me. Is there is no such word on Wall St.? I thought Wall St. was survival of the fittest? You know expert networks, front running, among a litany of other things too numerous to mention.
Actually, who is really shocked by this? Cheating is a epidemic in this country but sadly it appears cheating is an indispensable and coveted skill when operating on Wall St. whether it be in reality or fanstasy.
In my humble opinion, when the rule of law stops being enforced we get the proverbial free for all we have now. With the rampant manipulation and cheating in the real world markets should we really expect any different in the fantasy world such as CNBC's contest?
And to think poor Maria Bartiromo continually asks when trust will return to the markets.
To all those parents out there shelling out 100's of thousand of dollars for that Ivy league MBA so their kids can work on Wall St. I simply chuckle.
Breaking news just in that Goldman Sachs, JP Morgan and the rest of the Wall St. welfare cases have filed a motion under the freedom of information act to get the names of all the CNBC contest cheater so they can offer them 6 figure employment contracts with their prop desks.