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PFG, MF Global management decisions and tone at the top lesson. In the last 18 months, we had more than one enterprise bankruptcy with a lot of lessons learned; however, it is clear that the outstanding summary of the situation was the tone at the top risk management slogan. According to this subcommittee, the fall happened due to poor management judgment entangled with failure for its fiduciary duty of protecting customer funds. In fact, it seems like .