When Genius Failed Test | Mid-Book Test - Medium

Roger Lowenstein
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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. Where was Robert C. Merton working when Meriwether hired him?
(a) Harvard.
(b) The Federal Exchange Commission.
(c) NASA.
(d) Wall Street.

2. By the end of 1996, what was the status of the credit financing Long-Term wanted?
(a) All of these.
(b) They still did not have it.
(c) They had financing.
(d) No one would finance them.

3. Where did Meriwether work in 1979?
(a) Merrill Lynch.
(b) Salomon Brothers.
(c) Long-Term.
(d) Lehman.

4. What group did Meriwether found in 1977?
(a) The Meegen Group.
(b) Smith & Meriwether Co.
(c) The Arbitrage Group.
(d) The Commanders.

5. How much of the face value of a bond do buyers typically pay?
(a) 10%.
(b) 25%.
(c) 1%.
(d) 15%.

Short Answer Questions

1. What did the letter Meriwether sent to his clients claim it was difficult to do with Long-Term?

2. What did Rosenfeld and his friend develop?

3. How much money did Long-Term earn in 1996?

4. What were popular pools in 1993?

5. Who gains from working with hedge funds?

Short Essay Questions

1. What did the Black-Scholes model help Long-Term to predict?

2. When investing in Italy, what did Long-Term avoid telling their customers?

3. Why was Meriwether made a partner at Salomon?

4. Why was it difficult to know the exact amount of assets Long-Term held?

5. By the time Long-Term had been in business for two years, how did it compare to other old Wall Street companies?

6. Why was the investment in Italy a risky one for Long-Term to make?

7. What was Meriwether's group at Salomon given the authority to do?

8. In 1996, which significant companies did Long-Term surpass in terms of assets?

9. What was Long-Term's objective in seeking out a bank to finance their credit?

10. What methods did Black and Scholes use to predict the changes that would take place in the market?

(see the answer keys)

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