In his report, Giddens painted MF Global as a company woefully unprepared for its own growth.

He said liquidity at the company had long been a concern but became an even greater issue when Corzine came on board in March 2010. Corzine's vision of MF Global as a global investment bank required the company to maintain higher liquidity levels, Giddens wrote. But Corzine and his team vastly underestimated just how big an increase it would need, Giddens said.

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," Giddens said.

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