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

2. What type of ideas does Herman want for his investment?

3. CMO's are divided into slices, or _____.

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

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

Short Essay Questions

1. What characterizes Stu Willicker's leadership style?

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

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

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

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

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

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

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

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

10. What is happening in colleges in Britain by the end of 1986?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What is the quickest way to be fired from Salomon Brothers? Why? How does Gutfreund act contrary to this unwritten rule? How does he get away with it?

Essay Topic 2

Describe the change that took place in the bond market in the 1980s. What event took place in 1979 to affect this change? Who was involved? How did the change affect people's perception of bonds? How did Salomon Brothers make money at bonds?

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)

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