My colleague Glenn Okun points out the delicious irony in this clause in MF Global bonds: the coupons were set to rise by 1% if Corzine left to (say) join the Obama administration. Here’s an excerpt from a WSJ piece in early August:
“Call it the Corzine Premium. Mr. Corzine’s current employer, MF Global Holdings Ltd., is promising to compensate investors who buy his company’s bonds with an interest-rate bump if the chief executive and former U.S. senator jumps ship for a government job. In essence, the securities deal assigns a value on the man filling the corner office: a one-percentage-point cherry atop the $300 million bond offering, or up to $15 million.”
And if that’s not enough Corzine for you, here’s Jon Stewart’s famous Daily Show piece.
Posted by David Backus