Fenway

Aside from the fraud potential, I generally don't understand all of the short term financing deals that go on. What's the point?

Lehman's battles show that the repo market, the lifeblood of Wall Street, often isn't as routine as some investors believe. The basic mechanics involve firms raising cash to fund operations by posting high-quality assets, with an obligation to repurchase them within days. ... In one such tussle, Lehman had posted as collateral with J.P. Morgan Chase & Co. over the summer of 2008 a security called Fenway, which Lehman claimed had a value of $3 billion. J.P. Morgan concluded the security "was worth practically nothing" just days before Lehman went under, prompting the big bank to demand more collateral from Lehman.