I know that you do not want to speculate while your investigation is still under way, but based on Mr. Duffy's testimony and other reports, it seems highly probable that customer funds were transferred out of segregated accounts and commingled with MF's own funds--I don't think anybody is doubting that at this point--probably to meet margin calls on European bond positions.
Posey discusses the probable mismanagement of customer funds by MF Global.
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