Freeh is overseeing the wind-down of MF Global Holdings, which means he is trying to recover money for creditors.

WSJ: MF Global's trustee sues former CEO Corzine

The defenders of the Volcker rule point out that trading in foreign sovereign bonds played a central role in bringing down MF Global Holdings Ltd.

WSJ: EU Plans Complaint on 'Volcker Rule'

The Democrat, who lost his re-election bid last fall to Republican Chris Christie, just got a new gig as chief executive of MF Global Holdings Ltd.

FORBES: Corzine's Back On The Street

As of June 30th of this year, MF Global Holdings had 1.5 million shares of Series A Preferred Stock and 400, 000 shares of Series B Preferred Stock outstanding.

FORBES: MF Global Files For Bankruptcy, Owes $2.2 Billion To JP Morgan, Deutsche Bank

Recent examples include MF Global Holdings Ltd.

WSJ: At J.P. Morgan, Managing the Unmanageable

The former CEO of MF Global Holdings may have known of a loan to one of the firm's European affiliates using segregated customer accounts, CME Group's head told a U.S. Senate panel, contradicting Jon Corzine's own testimony.

WSJ: What's News

Critics also have dismissed Mr. Lawsky's actions as being out of step with a postcrisis regulatory spirit of cooperation: global regulators working together, coordinating, sharing information, That school of thought is off to a shaky start given the finger pointing in scandals involving MF Global Holdings Ltd.

WSJ: When Regulators Go Rogue