Securities and Exchange Commission Chairman
Christopher Cox has criticized the agency's San Francisco regional officer for issuing subpoenas to two journalists as part of stock-manipulation probe. Calling the subpoenas issued last week to
Herb Greenberg of
MarketWatch and
Carol Remond of
Dow Jones Newswire "highly unusual," Cox said the SEC generally avoids dragging the media into its investigations and the Frisco office should have cleared the move with the main office first. The SEC is looking into whether Arizona-based
Gradient Analytics had schemed with hedge fund
Rocker Partners by issuing reports that allegedly made stock prices of
Overstock.com drop sharply. Cox said in a statement said he had first learned of the subpoenas over the weekend through media reports. The San Francisco office had decided not to enforce the subpoena shortly after reporters questioned it about them,
The New York Times reports.