Following MF Global’s sudden meltdown, the company’s board of directors is under harsh scrutiny.

In particular, corporate governance and executive compensation experts are raising questions about how effectively the board evaluated and oversaw the risky strategy pushed by its CEO Jon Corzine.

While it is not being accused of any illegalities, critics say the brokerage and clearing firm’s board tolerated at least one possible conflict of interest, bent its own rules and failed to rein in Corzine as he drove the company into dangerous bets.

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