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

2. Where does Dash see a painting that he wants?
(a) Sotheby's
(b) Christie's.
(c) Bonham's.
(d) The Metropolitan Museum.

3. What is jargon for a gamble that is sure to succeed?
(a) A home run.
(b) A lay-up.
(c) A touchdown.
(d) A field goal.

4. What author does the author recommend to his Prussian colleagues?
(a) Anthony Robbins.
(b) Dale Carnegie.
(c) John Suskind.
(d) Sun-Tzu.

5. A sticking point in making mortgage securities work is the homeowner's right to _____ his mortgage.
(a) Prepay.
(b) Default on.
(c) Sell.
(d) Appropriate.

Short Answer Questions

1. Mark Smith enters the mortgage department in 1985 and is considered a _____ by the author.

2. What type of communication do the author and Dash launch into at the beginning of the work day?

3. Drexel Burnham runs an ad in the Wall Street journal showing two men _____.

4. Michael Milken works for which company?

5. Who are the biggest shoppers for mortgage products?

Short Essay Questions

1. What are the two kinds of friction at Salomon Brothers?

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

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

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

5. What are some of the bad habits mortgage traders have developed regarding the use of the Salomon Brothers expense account?

6. What is the relationship of IOs and POs to the market?

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

8. What is selling short?

9. How does Bear Stearns take the $250 million loss that Howie Rubin incurs at Merrill Lynch?

10. As the author gains more experience working in London, what does he think interests European traders that differs from American traders?

(see the answer keys)

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