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

Multiple Choice Questions

1. Ranieri describes Tom Strauss as _____.
(a) A rabid dog.
(b) A snake.
(c) A boob.
(d) A clown.

2. To create a CMO, hundreds of millions of dollars in ordinary mortgage bonds are placed in a _____.
(a) Trust.
(b) Certificate of Deposit.
(c) Pension fund.
(d) Retirement account.

3. Which country's interest rate is part of the deal for which "the opportunist" steals credit?
(a) Thailand.
(b) Germany.
(c) Italy.
(d) England.

4. Steve Roth and Scott Brittenham make millions of dollars trading _____.
(a) Small Business Administration loans.
(b) Corporate bonds.
(c) Junk securities.
(d) Federal project loans.

5. What fund goes from zero investment in the mortgage market in 1983 to thirty billion dollars worth of CMOs in 1986?
(a) The Freddie Mac fund.
(b) The Fannie Mae fund.
(c) The American pension fund.
(d) The U.S. treasury bill fund.

6. Who writes the book, On War?
(a) Lipinski.
(b) Clausewitz.
(c) Moskowitz.
(d) Prausnitz.

7. Mark Smith enters the mortgage department in 1985 and is considered a _____ by the author.
(a) Dark horse.
(b) Spy.
(c) Mediator.
(d) Genius.

8. What type of ideas does Herman want for his investment?
(a) Smart.
(b) Ancient.
(c) Current.
(d) Gut.

9. The Salomon Brothers expense account is used as a _____ compensation system.
(a) Hard-dollar.
(b) First-rate.
(c) Second rate.
(d) Soft-dollar.

10. What is it called when occupants of an upmarket property buy out the owner-developer who repays his government loan?
(a) A no-fault loan.
(b) A conversion.
(c) A counter weight.
(d) A reversal.

11. Tokyo is seemingly the obvious site for Salomon Brothers' global expansion because of Japan's _____.
(a) Financial regulations..
(b) Trade surplus.
(c) Work ethic.
(d) Money-making machine.

12. According to the author, investors don't fear losing money as much as they fear _____?
(a) Solitude.
(b) Math.
(c) Ridicule.
(d) Dogma.

13. In Salomon Brothers: Advance to Leadership, Gutfreund is cast as what type of figure?
(a) A Churchill.
(b) A messiah.
(c) A de Gaulle.
(d) An Isaiah.

14. According to the author, even knowledgeable thrift presidents feel they face a choice between rape and _____ when dealing with mortgage traders.
(a) Slow suicide.
(b) Battery.
(c) Long-term gains.
(d) Prison.

15. How much debt does the savings and loan companies seem to want to sell in 1981?
(a) Zero.
(b) One trillion dollars.
(c) Fifty billion dollars.
(d) One billion dollars.

Short Answer Questions

1. A guiding principle of Salomon Brothers that Tom Strauss iterates to the author is that customers have _____.

2. Howie Rubin is picked up by which company when he is fired from Merrill Lynch?

3. CMO's are divided into slices, or _____.

4. What is the name of the Salomon Brothers when it becomes a corporation?

5. What is another name for an individual home loan?

(see the answer keys)

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