His position as a conduit between Wall Street and Washington, DC made the prospect of his becoming treasury secretary likely enough and painful enough that a special provision was included in MF's August bond issues providing a higher payout if Mr Corzine left for that office.
Either way--with a swap or a margined bond trade--you pocket the spread, unless and until the corporate bond gets into trouble, at which point you're sitting on a painful capital loss.
Delaying the natural adjustment in the dollar and bond yields is likely to mean that, when the inevitable correction comes, it will be much more painful.