The Talk of the Money World

A journalist's breach of ethics leads to a major SEC investigation

The "Heard on the Street" column of the Wall Street Journal (circ. 2 million) is always tucked onto the bottom of the paper's penultimate page. But its out-of-the-way position belies its importance as a mover of markets. A gossipy grab bag of investment tips, spot analysis and rumors about companies, the daily feature can drive stocks sharply up or down. Last week, though, the column itself was hot news on Wall Street. In an extraordinary front-page story and related articles, the...

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