Liar's Poker: Rising Through the Wreckage on Wall Street Test | Final Test - Medium

Michael Lewis (author)
This set of Lesson Plans consists of approximately 116 pages of tests, essay questions, lessons, and other teaching materials.
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What type of help does Congress give thrifts in 1981?
(a) Ten-year interest-free loans.
(b) The government bought thrifts.
(c) Debt consolidation.
(d) Tax breaks.

2. What is more relevant than a bad joke because it moves markets?
(a) A book.
(b) A rumor.
(c) A fact.
(d) A documentary.

3. Mike Milkin of Drexel Burnham is the guru of _____.
(a) Government bonds.
(b) Junk bonds.
(c) Municipal bonds.
(d) Mortgage bonds.

4. CMO's are divided into slices, or _____.
(a) Compartments.
(b) Tranches.
(c) Departments.
(d) Branches.

5. What do rating services rely exclusively on to assess a company's creditworthy status?
(a) Its earnings.
(b) The past.
(c) The future.
(d) The present.

Short Answer Questions

1. What type of communication do the author and Dash launch into at the beginning of the work day?

2. Ranieri is characterized by the author as perhaps the first _____ in the history of Wall Street.

3. Ranieri says Bill Voute always has a _____.

4. What is the name given to the junk bond seminar that Michael Milken speaks at every year in Beverly Hills?

5. What is jargon for a gamble that is sure to succeed?

Short Essay Questions

1. Despite the upheaval in the mortgage market, what is the initial objection that remains valid as the mortgage market evolves?

2. How does the role of researcher change at Salomon Brothers during the mortgage bond explosion?

3. Does Michael Milken consider himself a part of Drexel Burnham?

4. What are the two kinds of friction at Salomon Brothers?

5. What is the relationship of IOs and POs to the market?

6. From the moment the Federal Reserve lifted interest rates in October 1979, what happens to the thrifts?

7. How does Lewie Ranieri feel about Michael Milken? How does this differ from John Gutfreund's opinion of him?

8. What happens to the average age and the average age at Salomon Brothers in London in 1987?

9. Who took the hit for the AT&T bond loss that the author advised Herman on?

10. What are some of the bad habits mortgage traders have developed regarding the use of the Salomon Brothers expense account?

(see the answer keys)

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