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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. Lewis characterizes the sprinting rabbit statue at the new London office as a _____.

2. Steve Roth and Scott Brittenham make millions of dollars trading _____.

3. What is the primary aspect of business that always matters most at Salomon Brothers?

4. What fund goes from zero investment in the mortgage market in 1983 to thirty billion dollars worth of CMOs in 1986?

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

Short Essay Questions

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

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

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

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

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

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

7. When is the best time to sell short?

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

How does the author finally become a Big Swinging Dick? Who dubs him so? Who does he sell to to attain this level at Salomon Brothers? What does he sell? How does he feel about the whole affair?

Essay Topic 2

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.

Essay Topic 3

Describe the evolution of the mortgage trading department at Salomon Brothers. Who came up with the idea to develop that department? Who saw it through the hard times? What were some of the stumbling blocks that had to be overcome to make mortgages viable for trading? How does it finally become successful?

(see the answer keys)

This section contains 866 words (approx. 3 pages at 300 words per page) View a FREE sample