Full Disclosure

Reporting a newsroom leak

In covering business news, the Wall Street Journal (circ. 2 million) frequently publishes stories about the misuse of inside information in stock purchases. Last week America's largest daily paper revealed that it had found such a case in its own newsroom. It disclosed that one of its reporters had acknowledged leaking upcoming items from the influential "Heard on the Street" column, which features stock tips, to investors.

The reporter, R. Foster Winans, 35, one of the column's two principal writers, admitted the leaks to the Securities and Exchange Commission through an attorney, according to the article. The SEC has...

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