Louis Freeh, the former director for the FBI, should be quite good at keeping secrets, right? He's representing MF Global as the firm's appointed bankruptcy trustee, and The Wall Street Journal reports that he's doing just that, stymying regulators' hunt for $1.2 billion in customer money. Freeh blocked requests from the Commodity Futures Trading Commission which is helping out in the investigation which is now in its third month. Of course the request for and the subsequent block of those documents make it seem like there's something quite valuable and/or quite inflammatory there. Freeh's office told The Journal, "our initial desire to preserve the attorney-client privilege has hampered" the investigation adding that they'd be willing to talk with authorities about waiving that privilege. But judging by Freeh's loyalties, which The Journal notes is to bondholders and MF Global's parent companies, and the firm's (and Corzine's) uncooperative relationship with Justice Department, that attorney-client privilege is something they're more than likely going to keep.

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Alexander Abad-Santos