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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 opportunist" is sane in every respect except that his _____ was stratospheric.
(a) Accumulated wealth.
(b) Accumulated debt.
(c) Self-importance.
(d) Self-loathing.

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

3. What spins out of control at Salomon Brothers in 1987?
(a) New hirings.
(b) Manager's demans.
(c) Costs.
(d) Trader's risks.

4. Ranieri tells Gutfreund that he is selling the [mortgage bond] technology for a _____.
(a) Pound of flesh.
(b) Good price.
(c) Stable of horses.
(d) Hill of magic beans.

5. How much debt does the savings and loan companies seem to want to sell in 1981?
(a) One billion dollars.
(b) One trillion dollars.
(c) Fifty billion dollars.
(d) Zero.

Short Answer Questions

1. Mike Milkin of Drexel Burnham is the guru of _____.

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

3. What is it called when a trader offloads bonds down a customer's throat for the company's benefit?

4. What ritual of the London office is fairly renowned in New York?

5. Ranieri says Bill Voute always has a _____.

Short Essay Questions

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

2. How does the role of researcher change at Salomon Brothers during the mortgage bond explosion?

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

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

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

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

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

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

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

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

(see the answer keys)

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