Jeff McMahon, head of industrial markets, succeeded Fastow as CFO. His first task was to deal with a cash crisis. A day earlier, Enron discovered that it was unable to roll its commercial paper, effectively losing access to several billion dollars in financing. The company had actually experienced difficulty selling its commercial paper for a week, but was now unable to sell even overnight paper. On October 27 the company began buying back all its commercial paper, valued at around $3.3 billion, in an effort to calm investor fears about Enron's supply of cash. Enron financed the re-purchase by depleting its lines of credit at several banks. While the company's debt rating was still considered investment-grade, its bonds were trading at levels slightly less, making future sales problematic. It soon emerged that Fastow had been so focused on creating off-balance sheet vehicles that he had all but ignored some of the most rudimentary aspects of corporate finance. McMahon and a "financial SWAT team" put together to find a way out of the cash crisis discovered that Fastow never developed procedures for tracking cash or debt maturities. For all intents and purposes, Enron was illiquid.