Answers sparse regarding MF Global

Louis Freeh, the former director of the FBI, knows a crime when he sees one. And he's not about to let additional crimes occur on his watch as bankruptcy trustee for MF Global.

He's rightfully put an end to the issue of whether MF Global execs will get bonuses, which would've struck many as felonious. That's probably a good decision, but he still faces some big challenges in getting to the bottom of the mess. He assured lawmakers in his testimony this week that he is investigating the implosion, with the assumption that he'll sue to recover assets if he finds unlawful acts were committed.

As for the bigger investigative picture, the reality would appear to be that the effort has come down to perhaps one or two witnesses, who are seeking immunity deals. Their testimony will perhaps be the final chance for criminal charges against ex-CEO Jon Corzine and others. At the same time, the regulatory effort aimed at preventing abuse of customer funds proceeds, with some regulators favoring the idea of an insurance fund to cover customer losses, a fund equivalent to the FDIC, which insures bank deposits, and perhaps like the SPIC.

Several proposals have been put forward, but we'll just have to see what survives.

For more:
- here's a Deal Book article
- here's an overview of the hearings
- a few suits have been combined

Related articles:
At yet another hearing, more MF Global denials expected
MF Global scandal continues to unfold