The story of the insider trading journalist

This is the story of an insider trading case involving a journalist that reached the Supreme Court of the United States.

From 1982 to 1984, R. Foster Winans was working as a columnist for The Wall Street Journal’s influential “Heard on the Street” column, which provided readers with daily information on the financial status of various publicly-traded companies. At that time, the column was, according to a New York stock trader, “the most widely read periodical column in the nation” that had significant impacts on the market.