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SEC Defends Itself From Republicans

WASHINGTON (CN) - The SEC enforcement action against Goldman Sachs "was brought on the merits and only on the merits," a Commission spokesman said in a statement issued with an 82-page report on its investigation. The SEC's Office of Inspector General wrote the report at the insistence of U.S. Rep. Darrell Issa, R-Calif., and other Republicans, who alleged that the SEC had timed its action "to affect debate of the financial regulatory reform legislation pending before the United States Senate."

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