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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. What is more relevant than a bad joke because it moves markets?
(a) A book.
(b) A fact.
(c) A documentary.
(d) A rumor.

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

3. Who are the biggest shoppers for mortgage products?
(a) Homeowners.
(b) Government agencies.
(c) Thrifts.
(d) Foreign investors.

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

5. The author and Alexander orchestrate the a second security after "the opportunist" steals credit for the first involving the interest rate of which country?
(a) China.
(b) Singapore.
(c) Korea.
(d) Japan.

Short Answer Questions

1. What is the chief occupational hazard of the trading floor?

2. Ronald O. Perelman is a hostile trader who took over which cosmetics company?

3. What is the name given to the junk bond seminar that Michael Milken speaks at every year in Beverly Hills?

4. Ranieri describes Tom Strauss as _____.

5. What ritual of the London office is fairly renowned in New York?

Short Essay Questions

1. From the moment the Federal Reserve lifted interest rates in October 1979, what happens to the thrifts?

2. What is selling short?

3. What happens to the average age and the average age at Salomon Brothers in London in 1987?

4. Who took the hit for the AT&T bond loss that the author advised Herman on?

5. Do bosses at Salomon Brothers think badly of employees who are not at their telephones all the time? Why or why not?

6. What is drifting away from Salomon Brothers and toward Drexel Burnham in 1987? Why?

7. How does Lewie Ranieri feel about Michael Milken? How does this differ from John Gutfreund's opinion of him?

8. Why do thrifts come back for more, even though they don't understand what is happening to their loans in the mortgage bond market?

9. What is the "gospel according to Ranieri"?

10. What characterizes Stu Willicker's leadership style?

(see the answer keys)

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