When Genius Failed Test | Mid-Book Test - Easy

Roger Lowenstein
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. In 1993, what was happening more than usual in America?
(a) Day trading.
(b) Starvation.
(c) Bankruptcy.
(d) Refinancing.

2. What happened to Meriwether's Treasury bill deal before it was resolved?
(a) It fell apart.
(b) Big losses.
(c) It remained steady.
(d) Huge gains.

3. What did Long-Term want to do for investors?
(a) Make money.
(b) All of these.
(c) Limit risk.
(d) Build trust.

4. Where were Italian bonds sold by Long-Term?
(a) Under the table.
(b) Directly to investors.
(c) Cayman Islands.
(d) Swaps.

5. How much money did Meriwether need to start Long-Term?
(a) $2.5 billion.
(b) $1 billion.
(c) $50 million.
(d) $100,000.

6. How much did the accounts for investors increase in 1994?
(a) 50%.
(b) 5%.
(c) 20%.
(d) 10%.

7. What was the end result of Meriwether's Treasury bill deal?
(a) It was not a notable deal.
(b) It lost a lot of money.
(c) It made a lot of money.
(d) It frightened his colleagues.

8. What financial crisis did Long-Term make it through that most of the market didn't?
(a) The Switzerland crisis.
(b) The U.S. crisis.
(c) The Germany crisis.
(d) The Mexican crisis.

9. Who became the temporary CEO of Meriwether's group when scandal hit?
(a) John Meriwether.
(b) Paul Mozer.
(c) Warren Buffet.
(d) J.F. Salomon.

10. Who ran the London office for Long-Term?
(a) Haghani.
(b) Buffet.
(c) Mullins.
(d) Meriwether.

11. In 1996, Long-Term was four times as large as what?
(a) The largest hedge fund.
(b) The Mexican Treasury.
(c) A small European country.
(d) The U.S. Treasury.

12. What did a dealer from J.F. Eckstein & Co. want from Meriwether in 1979?
(a) Real estate tips.
(b) Help.
(c) Empathy.
(d) A better financial model.

13. Why did Long-Term trade in Italy?
(a) The opportunity for big returns.
(b) The tax write-off opportunity.
(c) It was a safe market.
(d) Meriwether was Italian.

14. What notable invention changed the face of trading in the 1970's?
(a) The computer.
(b) The cell phone.
(c) The video camera.
(d) The scientific calculator.

15. How many employees were with Long-Term in 1996?
(a) Five hundred.
(b) Less than a dozen.
(c) A couple dozen.
(d) Five.

Short Answer Questions

1. In 1996, the first bank Long-Term approached regarding credit deemed Long-Term as what?

2. How much money did Rosenfeld's business bring in?

3. In 1996, Long-Term was two and a half times larger than what company?

4. Who helped Meriwether raise money for Long-Term?

5. What unusual event happened when Meriwether began working with Treasury futures?

(see the answer keys)

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