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WASHINGTON (AP) - Search-engine giant Google Inc. has piled up so much cash that it is in danger of being mistaken for an investment fund.
The company, which wants to diversify its investment strategy but doesn't want to be regulated as a mutual fund, has asked the Securities and Exchange Commission to exempt it from regulations that can apply to a company with a lot of marketable securities on its balance sheet.
To that end, the Mountain View, Calif., company made a filing on July 20 to persuade the SEC that it exists not to make investments, but to conduct an "Internet and new media business."
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