In 1985 R. Foster Winans a columnist for “The Wall Street Journal” was convicted of giving information to two stock brokers he was writing and article about in his column “Heard On The Street. Foster was charged with insider trading. The stockbrokers make a whopping 690,000 and Winans cut was 31,000. I thin k this case does meet the requirements of inside trading established by the Supreme Court in the case U.S. vs. O’Hagen because the Foster leaked information about contents of a column , “Heard on the Street” before publication. The leaks allowed his stockbroker friends to make trades in anticipation of the impact the column would have and allow them to make a profit before the new hit the street. According to Lawrence inside trading is A person who trades on information that he or she knew was supposed to be confidential is guilty of misappropriation, regardless of whether the trader is directly connected to the company whose shares were purchased. This new law covers anyone who learned and traded on information they knew was illegal. It does not cover people who come across information just by chance
Lawrence, A., Weber, J. (2010). Business and Society: Stakeholders, Ethics, Public Policy. New York, NY. McGraw-Hill/Irwin. http://www.cnbc.com/id/40319986/page/2 Of the three privacy issues, I support Privacy Legislation, although I think the consumer should also protect himself or herself; however I believe the government regulations are helpful. With the new guideline the Federal Trade Commission set forth in, 2009 we have more information on how companies collect and use our information. We now have the option to opt out or be placed on the DO NOT CALL LIST. With the new government regulations, telemarketing has decreased and I’m at ease at answering my phone.
Lawrence, A., Weber, J. (2010). Business and Society: Stakeholders, Ethics, Public Policy. New York, NY.