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1.
A phrase used to describe a situation in which a person gives something away to a friend, only to forcibly take it back by any means necessary a short while later.

Named after Jay Leno, who convinced NBC to "buy out" Conan O'brien, who took over hosting "The Tonight Show" after Leno "quit," so that Leno could have his old job back.
Jim - "Dude, remember that computer I gave you?"

Bob - "Yea, works great. Thanks!"

Jim - "Right...well, the new computer I got broke down. I'm taking my old one back"

Bob - "That's messed up, fool. All you did was lend it like Leno!"
by magzillas January 24, 2010