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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. As Lewis observes people in his firm, he finds that just as some people are mean drunks, mortgage traders are mean _____.
(a) Parents.
(b) Gluttons.
(c) Teachers.
(d) Dogs.

2. Lewie Ranieri is doing what when he is called in by Gutfreund to take over the mortgage department?
(a) Trading utility bonds.
(b) Working in the mailroom.
(c) Trading government bonds.
(d) Trading equities.

3. In 1986, forty percent of Yale's graduating class apply to which bank?
(a) Shearson.
(b) Lehman Brothers.
(c) First Boston.
(d) Citibank.

4. The author describes England as the land of ________.
(a) Haggis.
(b) Royal watchers.
(c) Limp paychecks.
(d) Long lines.

5. What aspect of the dollar bill is the integral component of Liar's Poker?
(a) The owner.
(b) The serial number.
(c) The year.
(d) The mint.

Short Answer Questions

1. Where was the author born and raised?

2. What practice eventually cripples Salomon Brothers?

3. William Simon becomes the secretary of the U.S. Treasury under which president?

4. The front-row people in the Salomon Brothers training program are generally from which business school?

5. In the bond market, unlike the stock market, ______ are not openly stated.

Short Essay Questions

1. Why are corporate financiers considered wimps by traders?

2. What is the "3-6-3 Club"?

3. Why does the author pounce on the opportunity to work for Salomon Brothers like a loose ball?

4. Why does one of the female trainees become the first person to finally talk to the author in the training program at Salomon Brothers?

5. What is meant by "no tears"?

6. What happens as a result of the surge in the number of students who get economics degrees?

7. Why is the treasury trader king at Salomon Brothers?

8. 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?

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

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

(see the answer keys)

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