...subpoena Copper River and Overstock's critics in the financial press (which investigation was closed with no enforcement action, no findings of wrongdoing, and the issuance of a "no action" letter by the SEC);...
Message 24047499
renegade fashion
S.E.C. Leader Issues Rebuke Over Journalist Subpoenas
By STEPHEN LABATON
Published: February 28, 2006
nytimes.com
...The subpoena had demanded information from two Dow Jones journalists, Herb Greenberg, a columnist for Marketwatch.com, and Carol S. Remond, a columnist for Dow Jones Newswires, about articles they had written about companies that caused the share prices to drop.
"The issuance of a subpoena to a journalist which seeks to compel production of his or her notes and records of conversations with sources is highly unusual," Mr. Cox said in a statement issued by his office Monday morning.
"Until the appearance of media reports this weekend, neither the chairman of the S.E.C., the general counsel, the office of public affairs, nor any commissioner was apprised of or consulted in connection with a decision to take such an extraordinary step," the statement continued.
"The sensitive issues that such a subpoena raises are of sufficient importance that they should, and will be, considered and decided by the commission before this matter proceeds further."
The statement was an unusual twist in an inquiry that was begun last year by the commission's San Francisco office. The office is investigating accusations of a conspiracy by a research company and several hedge funds and traders to manipulate stock prices.... |
