In the worst-case scenario, if the SEC deemed the private placement improper, it could try to force Goldman to buy back all the shares it sold, after the deal is completed.

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Last summer a joint task force of the Senate Finance and Judiciary Committees concluded the SEC botched things, retaliating against a whistle-blower.

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The SEC has also announced it is proposing a rule that will force Wall Street firms that package and sell asset-backed securities like CDOs, to keep 5% of those packaged loans on their own books, so they will share the risk with those they sell the investments to.

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