8. Louis Freeh
Trustee for MF Global Holdings Ltd.
Former FBI Director Louis Freeh has a stellar pedigree, but the decision to make him the trustee of MF Global’s parent company was not without controversy. Shortly after the firm’s Chapter 11 filing, a bankruptcy judge established a two-trustee system under which Freeh is responsible for recouping creditors’ funds and James Giddens is charged with recovering money for customers.
This set-up has resulted in sparring between the two trustees over information and what parties should receive the money that the estate recovers. Freeh told the Senate Agriculture Committee in a statement that he believes “all the customers of MF Global Inc. eventually will be made whole,” although he has opposed some of Giddens’ efforts to distribute funds to those customers, disputing his fellow trustee’s estimate of the size of the shortfall in segregated funds.