Business Week calls CNBC's stock picking contest the American Idol of market watchers. If that's so, what a juicy scandal this is: Several top contestants may have exploited opportunities that allowed them to "pick" stocks after big run-ups. Kind of like backdating options. CNBC has issued a notice noting that there have been allegations of practices "in violation of the contest rules" and that the issue is being investigated. Business Week has more juicy details about one man who ferreted out the possible wrong-doing. He basically made the game his full-time pursuit. The fact that $1 million goes to the winner makes this a big deal. Some of the gains logged by participants do seem a bit fantastic. All this reminds of the quiz show scandals of the 1950s.  

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