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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. Ranieri describes Tom Strauss as _____.

2. What is jargon for a gamble that is sure to succeed?

3. Which country's interest rate is part of the deal for which "the opportunist" steals credit?

4. Ranieri tells Gutfreund that he is selling the [mortgage bond] technology for a _____.

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

Short Essay Questions

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

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

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

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

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

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

7. When is the best time to sell short?

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe the environment of the fortieth floor at Salomon Brothers. Who is housed there, primarily? How does it compare to the forty-first floor in terms of atmosphere, prestige, and pace?

Essay Topic 2

How and why do the requirements to work at Salomon Brothers evolve? Include the backgrounds of people like Lewie Ranieri versus those of new people like Matty Olivia. How was it handled when somebody quit their job and needed to be replaced in the 1970's versus the hiring process of the mid-1980's?

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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