CNBC Investigates Contest for Cheating
The financial news network CNBC announced it is investigating illicit trading in its own contest, called the "CNBC Million Dollar Portfolio Challenge." The CNBC contest had 375,000 entrants, or so-called aspiring moguls. They each got a fictional trading account and $1 million CNBC bucks. It seems some of them were tempted to cheat — even with fake money. The grand prize: $1 million.
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RENEE MONTAGE, host:
Insider trading is everywhere, from the stock market to TV shows. Yesterday, the financial news network CNBC announced it's investigating illicit trading of its own contest called the CNBC Million Dollar Portfolio Challenge. Our last word in business today is reality TV. In this case TV wasn't supposed to mimic reality. The contest gave each of its entrants a fictional trading account and it seems some of them were tempted to cheat, even with fake money. That said, the grand price is real - a million dollars.
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