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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) Japan.
(b) China.
(c) Korea.
(d) Singapore.

2. Lewis characterizes the sprinting rabbit statue at the new London office as a _____.
(a) Frivolous trinket.
(b) Reminder to work hard.
(c) Caveat emptor.
(d) Non sequitur.

3. What is it called when occupants of an upmarket property buy out the owner-developer who repays his government loan?
(a) A conversion.
(b) A reversal.
(c) A no-fault loan.
(d) A counter weight.

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

5. What is the chief occupational hazard of the trading floor?
(a) Hearing loss.
(b) Loss of concentration.
(c) Burn-out.
(d) Carpal tunnel.

Short Answer Questions

1. According to the author, what is a symbol of Britain's long economic decline?

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

3. What is more relevant than a bad joke because it moves markets?

4. What is the name of the standard of one hundred cents on the dollar?

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

Short Essay Questions

1. What is selling short?

2. What characterizes Stu Willicker's leadership style?

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

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

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

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

7. Why does one trader think that Mark Smith is not a Trojan Horse like some of the other traders believe?

8. Does Michael Milken consider himself a part of Drexel Burnham?

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

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

(see the answer keys)

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