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2012-03-28 — nytimes.com
An internal MF Global document suggested that the firm was putting customer money at risk days before its bankruptcy filing, an executive said in prepared testimony that was released on Tuesday for a Congressional hearing on Wednesday.
The document showed "a substantial deficit" in the amount of firm money used to protect customer accounts, according to the testimony by Christine Serwinski, the firm's North American chief financial officer. Futures firms typically keep a cushion of cash in customer accounts as a buffer to cover losses in case of volatile market swings.
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