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

2. The author considers Bill Voute a _____.
(a) Mystery.
(b) King.
(c) Shyster.
(d) Derelict.

3. What is the name of the Federal Housing Administration's approval to trade in whole loans?
(a) A bogey.
(b) A birdie.
(c) An eagle.
(d) A put.

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

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

Short Answer Questions

1. What fund goes from zero investment in the mortgage market in 1983 to thirty billion dollars worth of CMOs in 1986?

2. A carnival performer who bites the heads off live chickens and snakes is definition of a _____.

3. Ranieri owns exactly four suits, all of them _____.

4. What type of ideas does Herman want for his investment?

5. In New York, when a trader is starting out, the excitement of being part of the action comes at the price _____.

Short Essay Questions

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

2. What is selling short?

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

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

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

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

7. How is Howie Rubin thought of at Salomon Brothers? Why?

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

9. What is happening in colleges in Britain by the end of 1986?

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

(see the answer keys)

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