(Repeating without changes to additional clients)

By Leslie Gevirtz

NEW YORK, April 7 (Reuters) - A former Refco executive, who said he helped hide multimillion-dollar trading losses from clients, testified on Monday that his bosses had said "we're all in this together."

Santo Maggio, a top deputy to former Refco Inc Chief Executive Phillip Bennett and former President Tone Grant, told how the trio deceived banks, foreign exchange traders, hedge fund executives and even top managers at investor George Soros' funds, six years before the 2005 collapse of one of the world's largest commodity brokers.

Bennett pleaded guilty in February on fraud and other charges stemming from the collapse, but Grant chose to stand trial.

Maggio, who was president of the Refco Capital Markets unit, pleaded guilty in December and agreed to cooperate with U.S. authorities in their investigation of Refco.

In a second day on the stand in U.S. District Court in lower Manhattan, Maggio described how the company was perennially short of cash after meltdowns in the late 1990s sank clients Refco had financed.

With money tight, Maggio routinely had to pick which obligation Refco would fail on.

"If we were down $100 million," he told the jury, he would look for a client that had a $100 million that needed to be delivered and "we would fail on his $100 million...