At a hearing on the Hill, the two former risk officers of MF Global, Michael Roseman and Michael Stockman,  tried to explain themselves, according to the New York Times.

Money quote:

At the hearing, the fourth Congressional forum to focus on MF Global, lawmakers homed in on the firm’s risky purchases of European sovereign debt and the crisis of confidence that ultimately led to the brokerage’s demise and the mysterious disappearance of some $1.2 billion in customer money.