The carcass of MF Global continues to emit a rotten stench, which has now attracted a group of Congressmen bent on picking through the scat.

They have scheduled a hearing into the latest Wall Street dung-heap for Dec. 15, and they have invited the disgraced former CEO Jon Corzine, who ironically spent five years as a senator from New Jersey. Also asked to appear: Bradley Abelow, the firm's chief operating officer. Gary Gensler, chairman of the CFTC, will also be asked to appear, according to the New York Times.

The responses of these men will be interesting. One would expect Gensler to decline the invitation as has has recused himself from much of the MF Global matter, as he was once an employee of Corzine's at Goldman Sachs. As for Corzine himself, if he were to decline, he risks a subpoena, which would escalate the issue. But with so much hanging on all the investigations into the missing funds, which could be up to $1.2 billion, his lawyers cannot be faulted for advising him to keep mum, lest he say anything incriminating.

The stakes are really high for him, epsecially now that the case has taken a sinister, criminal turn.  But not speaking risks some really bad optics: Corzine appearing before Congressional panel pleading the fifth to every question. That always creates a perception of guilt and pervasiveness. Then again, maybe he'll come clean and testify about what he knows. That carries risks as well, as he just might portray himself as a truly awful CEO.

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