"the university faculty is holding a Festschrift in honour of the Professor's 40 years of teaching philosophy, her students having included her three nephews..."
A Festschrift is a collection of writings published in honour of a scholar. It comes from the German Fest 'celebration' and schrift 'writing'. The suffix 'fest' is used in many combinations, such as mediafest - exaggerated interest in a subject by the press, or talkfest - a lengthy discussion.
Playing FAST AND LOOSE comes from a medieval con game played with a stick and a belt and known by that name