We study CMEs observed by LASCO to have plane of the sky velocities exceeding 1500 km/sec. We find that these extremely fast CMEs are typically associated with flares accompanied by erupting prominences. Our results are consistent with a single CME initiation process that consists of three stages. The initial stage is brought about by the emergence of new magnetic flux, which interacts with the pre-existing magnetic configuration and results in a slow rise of the magnetic structure. The second stage is a fast reconnection phase with flaring, filament eruption and a sudden increase of the rise velocity of the magnetic structure (CME). The third stage consists of propagation in the corona. We discuss the sources of these CMEs and the need for improved understanding of the first and third stages.