When Genius Failed Test | Final 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. By the end of August 1998, what market had practically stopped trading altogether?
(a) Stock markets.
(b) International markets.
(c) Bond markets.
(d) Gold markets.

2. When did Long-Term begin scrambling to raise money?
(a) August 30.
(b) August 10.
(c) August 2.
(d) August 24.

3. What notable player was on vacation during the crisis in Russia?
(a) Alan Greenspan.
(b) The president of the United States.
(c) Warren Buffet.
(d) The president of Russia.

4. When Long-Term met with the Fed, it was obvious they did not have enough money to make it through what?
(a) The fall of China.
(b) A debt call from Russia.
(c) The following week.
(d) Another big hit.

5. What was the climate at Long-Term during the Russian financial crisis?
(a) Standard.
(b) Excited.
(c) Nervous.
(d) Confident.

Short Answer Questions

1. When the financial market in Russia collapsed, what were many in the market attempting to do?

2. What did the Fed Chairman want to remove in an effort to create liquidity in the market?

3. In 1998, what act led Long-Term to a fall?

4. In 1998, what market did Long-Term bet would decline?

5. After the financial crisis in Russia, what did Long-Term regret?

Short Essay Questions

1. What contributes to the estimation of market volatility?

2. Why did banks and investment banks get involved in the derivatives market?

3. In spite of the economic crisis in Russia, what did Meriwether believe about Long-Term's trades?

4. Who was Jon Corzine?

5. Who warned Long-Term about making trades that counted on falling stock prices?

6. By the end of August 1998, what did the movement in the bond market look like?

7. What move did Salomon make that surprised Long-Term?

8. What strategy led to Long-Term's downfall during the Russian financial crisis?

9. During the financial crisis in 1998, where were the partners finding money?

10. What was the goal of the Federal Reserve when it was created?

(see the answer keys)

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