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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. What is a global financial service company with its headquarters in Frankfurt, Germany?
(a) Deutsche Bank.
(b) Morgan Stanley.
(c) The Fitch Group.
(d) Oppenheimer and Co.

2. Who offered Michael Burry bonds at $100 million a deal in Chapter 2?
(a) Goldman Sachs.
(b) Oppenheimer and Co.
(c) Bank of America.
(d) Deutsche Bank.

3. For what company did Michael Lewis begin working after earning his Masters degree in Economics?
(a) Salomon Brothers.
(b) Aames Financial.
(c) Citigroup.
(d) Oppenheimer and Co.

4. What companies approached Michael Burry and provided him with capital to begin his new company?
(a) Oppenheimer and Co. and Deutsche Bank.
(b) FrontPoint and Oppenheimer and Co.
(c) Deutsche Bank and Standard & Poor's.
(d) Gotham Capital and White Mountains.

5. What refers to loans made to customers with less than perfect credit?
(a) Gambles.
(b) Subprime.
(c) CDS's.
(d) High interest.

Short Answer Questions

1. What is the title of Chapter 4?

2. What mortgage lender did an Oppenheimer banker obtain information on from Steve Eisman in Chapter 1?

3. Steve Eisman got his job with Oppenheimer and Co. through whom?

4. With Ben Hockett's help, Cornwall received a contract which allowed them to buy what?

5. Through the use of what, was Michael Burry guaranteed to only lose only the amount of the premium payments in Chapter 2?

Short Essay Questions

1. How did Steve Eisman come to work for Oppenheimer Co.? How is he described?

2. How are tranches differentiated in mortgage bonds?

3. How did Charlie Ledley's first investment pay out? What was the company's worth?

4. What did Goldman Sachs begin doing with their bottom tranches in Chapter 3?

5. What patterns did Steve Eisman's team discover in mortgage trading in Chapter 4?

6. How does the author describe his impressions of Wall Street when he began working there in Chapter 1?

7. What picture does the author paint of Steve Eisman and Wall Street in 2005 in Chapter 1?

8. What did Ledley and Mai discover about CDOs and CDSs in Chapter 5?

9. Discuss Steve Eisman's work with mortgage bonds. How were mortgage bonds divided?

10. Who was the only person at AIG FP to investigate the company's CDSs in Chapter 4? What did he discover?

(see the answer keys)

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