Corzine to Replace Geithner as Treasury Secretary?

By:  Bob Adelmann
08/08/2011
       
Corzine to Replace Geithner as Treasury Secretary?

Despite protestations from Jon Corzine, former New Jersey governor, that he has no interest in taking Treasury Secretary Timothy Geithner’s place if Geithner decides to step down, Corzine did manage to have a clause put into his company’s bond offering prospectus that if he did accept the position, bond holders would be paid an extra one percent interest, just in case.  Corzine now heads up MF Global Holdings Ltd. which is planning on selling $300 million of five-year notes which includes an unusual “key man event” clause which pays bondholders an extra one percent:

Upon the departure of Mr. Corzine as our full time chief executive office due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013.
 

Despite protestations from Jon Corzine (photo), former New Jersey governor, that he has no interest in taking Treasury Secretary Timothy Geithner’s place if Geithner decides to step down, Corzine did manage to have a clause put into his company’s bond offering prospectus that if he did accept the position, bond holders would be paid an extra one percent interest, just in case.  Corzine now heads up MF Global Holdings Ltd. which is planning on selling $300 million of five-year notes which includes an unusual “key man event” clause which pays bondholders an extra one percent:

Upon the departure of Mr. Corzine as our full time chief executive office due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013.

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