Liar's Poker: Rising Through the Wreckage on Wall Street Test | Mid-Book Test - Hard

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 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Which department at Salomon Brothers is considered "the sleepy backwater"?

2. A trainee asks Horowitz about Salomon Brother's being blacklisted by whom?

3. Which subway line drops off hoards of people to their Wall Street jobs?

4. What is a phrase the author uses to describe Meriwether's value to Salomon Brothers?

5. Who is chairman of the Federal Reserve in 1979?

Short Essay Questions

1. The author uses the analogy of two benevolent hands that "stuff the turkey" that Wall Street firms eat the stuffing from. What does he mean by this?

2. How does Bob Dall react when he is replaced by Ranieri?

3. What entices many people to apply to Salomon Brothers and binds them to the firm?

4. What is the difference between managing and trading?

5. Why is a single home mortgage considered a messy investment for Wall Street?

6. What effect does allowing the back row of the Salomon Brothers training program to create anarchy have on the company?

7. How does the author manage to get a connection into Salomon Brothers?

8. How does the equities department treat the trainees?

9. How is trading supposedly like the jungle?

10. What do the trainees have planned for the morning Gutfreund is supposed to speak to the class?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Compare the personality traits of Lewie Ranieri and Michael Milken. What is the difference between their careers in regards to their respective companies? Compare the amount of money each person made. Why did one make more money than the other?

Essay Topic 2

Describe the evolution of the mortgage trading department at Salomon Brothers. Who came up with the idea to develop that department? Who saw it through the hard times? What were some of the stumbling blocks that had to be overcome to make mortgages viable for trading? How does it finally become successful?

Essay Topic 3

What contributes to the rapid and complete deterioration of Ranieri and Co. at Salomon Brothers? What was the achievement that Ranieri had hoped for in creating the mortgage department? How did the market affect the imbalance between Ranieri and Co. and the rest of the bond trading world?

(see the answer keys)

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