Press: Impropriety or Criminality?

An ex-Journal reporter is indicted for stock market maneuvers

Five months ago, R. Foster Winans, a writer for the Wall Street Journal's influential stock market column, "Heard on the Street," was fired after admitting to federal investigators that he had taken improper advantage of his position. Winans confirmed that he had leaked information about upcoming column items to associates, who then profited by buying or selling stocks based on advance knowledge of the stories' likely impact on prices. At the time, Winans, 36, described his role in the scheme as "stupid" and "wrong." Last week the Justice Department contended that what he...

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