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MF Global management “failed to add to its Treasury Department and technology infrastructure, which was needed to meet the demands on global money management and liquidity,” the trustee wrote, adding, “Management’s actions, along with the lack of sufficient monitoring and systems, resulted in customer property being used during the liquidity crisis to fund the extraordinary liquidity drains elsewhere in the business.”

When the firm’s investments began to unravel last year, MF Global, in the words of one executive, succumbed to “liquidity asphyxiation,” according to the report.