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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. 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.

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

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

4. This person is charged with coordinating all deals on the trading floor.
(a) A portfolio manager.
(b) A corporate coordinator.
(c) A money market chairperson.
(d) A syndicate manager.

5. What is the primary aspect of business that always matters most at Salomon Brothers?
(a) Revenue.
(b) Market advantage.
(c) Profit.
(d) Loyalty.

Short Answer Questions

1. Michael Milken works for which company?

2. The pet name that bond traders give to the corporate finance department is _____.

3. According to one mortgage trader, it is an accepted fact that mortgage traders have _____.

4. How much debt does the savings and loan companies seem to want to sell in 1981?

5. On Wall Street, there is no theoretical basis for pricing a homeowner's option to _____ his loan.

Short Essay Questions

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

2. What is a tombstone and how does it apply to the German interest warrant created by the author and Alexander?

3. What characterizes Stu Willicker's leadership style?

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

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

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

7. Why do costs at Salomon Brothers seem to suddenly matter in 1985?

8. When is the best time to sell short?

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

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

(see the answer keys)

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