The head of the Securities and Exchange Commission said that he was not consulted before his agency's enforcement division subpoenaed two writers for Dow Jones & Co.

According to published reports, the SEC's San Francisco office issued subpoenas to the two business columnists, requesting any communications they had with stock-research firm Gradient Analytics Inc. and a hedge fund. The SEC is investigating claims that Gradient analysts and hedge managers conspired to lower the fund's stock price.

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