SAN FRANCISCO - The typically calm and measured discussions of securities law erupted into a firestorm of controversy at NABL's meeting here late last week over whether issuers could bid on their own auction-rate securities without engaging in alleged market manipulation that would violate the securities laws.

The emotionally charged debate at the National Association of Bond Lawyers' Tax and Securities Law Institute came as two groups sent the Securities and Exchange Commission separate letters asking for relief.

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