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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. In what year did Steve Eisman stop working as an analyst and start his own hedge fund?
(a) 1997.
(b) 1988.
(c) 1992.
(d) 2004.
2. By what year had Steve Eisman gathered a group of investors around himself filled with people who believed as he did that no one on Wall Street knew what they were doing, as described in Chapter 1?
(a) 2007.
(b) 2005.
(c) 2001.
(d) 1999.
3. What is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds?
(a) Standard & Poor's.
(b) Scion Capital.
(c) Deutsche Bank.
(d) Cornwall Capital Management.
4. When was Michael Burry born?
(a) 1963.
(b) 1959.
(c) 1971.
(d) 1960.
5. Who began taking the bottom tranches of their mortgage bonds and packaging them together to create CDOs in Chapter 3?
(a) Cornwall Capital Management.
(b) Scion Capital.
(c) Standard & Poor's.
(d) Goldman Sachs.
Short Answer Questions
1. In criminal law, what is an intentional deception made for personal gain or to damage another individual?
2. In finance, what occurs when a debtor has not met his or her legal obligations according to the debt contract?
3. With whose assistance did Steve Eisman publish a report outlining the bad practices of the subprime mortgage lender in Chapter 1?
4. Who offered Michael Burry bonds at $100 million a deal in Chapter 2?
5. What is the name of the investment group begun by Charlie Ledley and his partner in Chapter 5?
Short Essay Questions
1. How do stocks and bonds differ in trading?
2. What intrigued Steve Eisman about CDSs in Chapter 3?
3. What led to mortgage companies extending loans to unreliable clients, as described in Chapter 1?
4. How did Cornwall Capital Management secure an ISDA? What did this mean for the company?
5. Who was the only person at AIG FP to investigate the company's CDSs in Chapter 4? What did he discover?
6. What did Vincent Daniel discover about the ratings companies in Chapter 4?
7. What did Ledley and Mai discover about CDOs and CDSs in Chapter 5?
8. What led Steve Eisman to open his own hedge fund?
9. Discuss Steve Eisman's work with mortgage bonds. How were mortgage bonds divided?
10. What report did Steve Eisman publish in 1997? Who assisted him?
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