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In Language Ref section 7 "Compound Statements":
http://docs.python.org/release/3.1.3/reference/compound_stmts.html
there's a footnote regarding what happens to unhandled exceptions in a try-except statement:
[1] The exception is propagated to the invocation stack only if there is no *finally* clause that negates the exception.
This is very unclearly worded, especially since the reader in need of this footnote is probably familiar with the *except* clause being the one to "negate" an exception, and may well think this footnote is in error. This footnote could provide a more convincing explanation: 
[1] The exception is propagated to the invocation stack unless there is a finally clause which happens to raise another exception. That new exception causes the old exception to be lost.

Keywords suggest that there should to be a patch here. Where is it?

Sometimes we use the patch keyword for doc issues where someone has suggested a specific new wording but not generated an actual patch. That seems to be the case here.

Just to make explicit what's happening:
>>> try:
... try:
... raise TypeError()
... finally:
... raise ValueError()
... except TypeError as e:
... print('mmm')
... 
Traceback (most recent call last):
 File "<stdin>", line 3, in <module>
TypeError
During handling of the above exception, another exception occurred:
Traceback (most recent call last):
 File "<stdin>", line 5, in <module>
ValueError
while
>>> try:
... try:
... raise TypeError()
... finally:
... raise ValueError()
... except ValueError as e:
... print ('mmm')
... 
mmm

Ok, I send it too soon... attached is a patch to fix this bug (it applies on default, 3.2 and 2.7).

New changeset b11e7bc76d07 by Ezio Melotti in branch '2.7':
#11669: rephrase footnote in the Compound Statements page.
http://hg.python.org/cpython/rev/b11e7bc76d07
New changeset 74e9f94d8440 by Ezio Melotti in branch '3.2':
#11669: rephrase footnote in the Compound Statements page.
http://hg.python.org/cpython/rev/74e9f94d8440
New changeset a7099a3b5e5f by Ezio Melotti in branch 'default':
#11669: merge with 3.2.
http://hg.python.org/cpython/rev/a7099a3b5e5f 

Fixed, thanks for the patch!