We noted recently that Jon Corzine, the former Goldman Sachs CEO who later went into politics, made an interesting offer in a recent prospectus for a MF Global bond offering. If he is tapped for a public service job and has to leave the company, he will pay bondholders an extra percentage point on their coupons--a great example of a key man clause. For the souped-up interest rate to kick in, he'll have to be confirmed by the Senate before July 2013.

It's assumed that Corzine is interested in becoming the next Treasury Secretary. But the White House may not be convinced that he's the guy. The current administration is pressuring Tim Geithner to stay on, despite lots of talk that he's preparing to step down. Various publications have speculated about possible successors, and Corzine does not appear to be a top-tier candidate at this point. His Goldman Sachs roots may be working against him, to be sure.

The top candidates appear to include Jamie Dimon, CEO of JPMorgan Chase; Jeffrey Immelt, the chairman of General Electric; Roger Altman, a deputy Treasury secretary in the Clinton administration; and Erskine Bowles, a former White House chief of staff who Breakingviews suggests is a strong candidate. Corzine might be in the running for any number of other jobs. But for a former CEO of Goldman Sachs, he might not settle for anything less, which means the souped up interest rate offer will likely expire.

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