MF Global Holdings Ltd. took the cult of the Wall Street chiefexecutive officer to a new level with a plan to sell bonds that paya higher rate if Chairman and CEO Jon Corzine quits to take a jobfrom the U.S. president.

The futures broker is selling $300 million in five-yearunsecured notes, said a person familiar with the offering whodeclined to be identified because the terms aren't final. The noteswill pay an extra percentage point of interest if Corzine is namedto a federal post and confirmed by the Senate before July 2013, NewYork-based MF Global said in a regulatory filing.

“That seems crazy,” said William Larkin, a fixed-incomeportfolio manager who oversees $500 million at Cabot MoneyManagement Inc. in Salem, Massachusetts, and has 22 years ofexperience. “I've never heard of something like this.”

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