R. Foster Winans, convicted of insider trading on Wall Street. The borderline between ethics and law

Abstract

R. Foster Winans was a well-known American journalist, author of Heard on The Street column and with great influence among readers of The Wall Street Journal. He decided to use the information obtained for journalistic purposes to get economic benefits. He worked with two brokers, who bought and sold stocks in Wall Street, using the information that Winans provided them, before being published in his column. Winans and the two stockbrokers were convicted for their plot. However, the journalist believes that beyond the lack of ethics, his conduct was not illegal.