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| N.J. Prison Inmates Show Investment Prowess |
| By Press of Atlantic City |
| Published: 03/05/2003 |
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They tried to figure out how to most effectively invest their $100,000. They read the Wall Street Journal, tracked their holdings and adjusted their portfolios on a daily basis. Briefcase-toting brokers? Hardly. These would-be investment wizards, 170 strong, are inmates incarcerated in New Jersey Department of Corrections facilities. The inmates, working in three- to five-person teams, took part in the Stock Market Game, the objective of which was to increase the value of the team's portfolio more than any other team during the course of the competition. And, no, the $100,000 initially allotted to each team was not real money. Top finishers among NJDOC teams included two teams from Albert C. Wagner Youth Correctional Facility in Bordentown (second and third in the NJDOC, fifth and sixth overall), another team from East Jersey (fourth in the NJDOC, seventh overall) and Bayside State Prison in Leesburg, Cumberland County. (fifth in the NJDOC, 11th overall). 'The idea is to teach offenders that they can make money without toting a gun in their hands or selling drugs,' says NJDOC Commissioner Devon Brown in a press release. 'There are socially acceptable ways of making money, and one of them is in the stock market. You can compete with one another without conflict.' Inmates from every NJDOC facility were represented in the 77-team fall competition, which began Sept. 3 and concluded Dec. 13. Also taking part in the competition were several dozen teams representing UBS PaineWebber as well as a handful of teams from various New Jersey high schools. A team from East Jersey State Prison in Rahway was the top finisher among NJDOC teams, the No. 3 finisher overall. The East Jersey team will be feted at an awards ceremony, to be held 1:30 p.m. Wednesday at the prison. The East Jersey team's initial $100,000 portfolio was worth more than $155,000 by game's end. |
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