Another missive on MF Global that we can drop straight into the “things we already knew” file: a new report from trustee Louis Freeh alleges that Jon Corzine was largely responsible for the downfall of the company. Not exactly shocking material, and quite a bit of it is simply a re-hash of other reports on the subject, but it does contribute to the mountains of damning evidence against Corzine.

Although none of the reports thus far have gone so far as to allege criminal misconduct for the “honorable” Mr. Corzine, it’s quite clear at this point that his hands-on approach and penchant for big trades were too much for a firm that lacked even the most basic of risk controls. From the report:

When Corzine’s vision was implemented, the Company’s deficiencies were exposed in a number of ways:

(1) there was no efficient, concise way for anyone at the Company to have an accurate and complete real-time snapshot of the Company’s most basic financial information, including liquidity;

(2) inefficient and outdated control systems were inundated as trading increased, crippling the settlement and clearing of trades, which became a decisive threat to MFGI’s ability to function during the last week of October 2011; and

(3) the inability to forecast and track financial information accurately on a real-time basis resulted in executive management reacting too late and too slowly to the growing liquidity pressures placed on the Company by the Euro RTMs and Corzine’s new trading desks.

As early as May 2010, Corzine and Steenkamp knew that MF Global’s control architecture was flawed. Gaps between approved risk and control policies and current practices were documented, distributed to management, and presented to the Board. Repeated warnings about the Company’s control systems put management on notice that the Company did not have the appropriate systems in place to support the expanded trading Corzine envisioned when he joined the Company.

Much of it is a recap of information that has already been outlined in previous reports, but you can check out some of the reactions to the report here and here. Coincidentally, Judge Glenn of the Manhattan Bankruptcy Court approved a final liquidation plan for MF Global Holdings today, confirming that the vast majority of customer money will be recouped. Corzine getting the blame (although sadly no jail time) and customers getting most of their money back… all things considered, not the worst ending to this tale we could have imagined back in October 2011.

Even if news like this doesn’t put Corzine behind bars, it will certainly aid the civil case against him. Of course Corzine’s defenders (yes, they exist) dismiss these autopsies as “Monday morning quarterbacking,” and like to point out that if MF Global hadn’t been sunk by margin calls and liquidity problems, those bit bets on European debt would have paid off. But that’s the rub – “I would have been right” doesn’t count for much, and even less so when you bankrupt a company and risk other people’s money with your recklessness.