 Later, Fastow raised $15 million and started LJM1 on its "raison d'être", the Rhythms "hedge" (see below).In what was essentially the second version of the same idea, Fastow proposed in October 1999 to Enron's finance Board the creation of LJM2 Co-Investment L.P. Once again, Fastow would act as general director of a much larger private equity fund that would be funded with $200 million of institutional funds.Again, the question of how Fastow's dual role as Enron's CFO and LJM2's general director was not seen as a conflict of interest was easily laid aside by the board of directors.