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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Investment banking in America is a long-standing _____.

2. Who writes the book, On War?

3. What is the name of the Federal Housing Administration's approval to trade in whole loans?

4. This person is charged with coordinating all deals on the trading floor.

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

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

3. What characterizes Stu Willicker's leadership style?

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

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

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

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

8. What are some of the bad habits mortgage traders have developed regarding the use of the Salomon Brothers expense account?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is the perception of "corporate finance" in the investment banking industry? What does someone in corporate finance actually do? What role does and investment banking analyst play in relation to corporate financiers?

Essay Topic 2

What happens when the author interviews for Lehman Brothers? Why does he interview for Lehman Brothers? Who comes to interview him? What does he say that affects the outcome of the interview? Why is the author perplexed at the reaction the interviewers have to his answer to their question?

Essay Topic 3

How does the game of Liar's Poker have the feel of trading? Describe how Liar's Poker works, the list of questions a bond trader asks himself, and list some of the other firms besides Salomon Brothers which have similar games.

(see the answer keys)

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