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Five Dumbest Things on Wall Street: Feb. 26

Apple Sheds Its Soft Core

Apple (AAPL - Get Report) no longer wants to be accused of being soft core.

Apple is banning many sexually suggestive applications for its iPhone, according to Tuesday's New York Times. In a move that surprised many application developers, the company is cracking down on so-called apps that feature photos of women in bikinis and lingerie. Apple said the new policy comes in response to widespread complaints from App Store users.

"It came to the point where we were getting customer complaints from women who found the content getting too degrading and objectionable, as well as parents who were upset with what their kids were able to see," said Philip W. Schiller, head of worldwide product marketing at Apple.

Among the victims of the purge, according to the Times, was a game called SlideHer, a puzzle that challenged users to reassemble a photograph of a scantily clad actress, as well as, Sexy Scratch Off, which depicts a woman whose dress could be removed at the swipe of a finger, revealing her undergarments.

Apps not affected by Apple's ban include one from Sports Illustrated's famed swimsuit issue and one from Playboy.

Schiller says the difference is that these are well-known companies with "previously published material available broadly in a well-accepted format."

In other words, to quote the famous Supreme Court ruling on obscenity, Apple knows it when it sees it. But we're not so sure Apple can say the same about hypocrisy.

Dumb-o-meter score: 80 -- We're pretty sure parents objecting to their kids accessing smut on their iPods really don't care who created it.
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