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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. Ranieri says Bill Voute always has a _____.
(a) Sportscar image.
(b) Need to pick at people.
(c) Political agenda.
(d) Biting wit.

2. According to one mortgage trader, it is an accepted fact that mortgage traders have _____.
(a) Fishy eyes.
(b) No consciences.
(c) Iron balls.
(d) Death wishes.

3. Mark Smith enters the mortgage department in 1985 and is considered a _____ by the author.
(a) Dark horse.
(b) Spy.
(c) Mediator.
(d) Genius.

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

5. Ranieri is characterized by the author as perhaps the first _____ in the history of Wall Street.
(a) Confedrate.
(b) Democrat.
(c) Communist.
(d) Populist.

Short Answer Questions

1. According to the author, what is the rarest and most valuable asset a Wall Street firm can possess?

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

3. The Salomon Brothers expense account is used as a _____ compensation system.

4. According to the author, investors don't fear losing money as much as they fear _____?

5. What type of help does Congress give thrifts in 1981?

Short Essay Questions

1. Despite the upheaval in the mortgage market, what is the initial objection that remains valid as the mortgage market evolves?

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

3. What is the particular need of thrifts in terms of investing in the mortgage bond market?

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

7. When is the best time to sell short?

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

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

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

(see the answer keys)

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