The Massachusetts Turnpike Authority has gotten out of a “swaption” deal with Lehman Brothers what both parties entered into in 2002. Because swaptions are so risky, the Authority obtained $35 million in cash but also exposed itself to extreme long-term risk.

Lehman Brothers’ chapter 11 bankruptcy earlier this year, however, allowed the Transportation to end the risky deal with a payment of $3.4 million. As a result the turnpike basically made $31 million.

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