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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. After Eisman's published report, there were no more public subprime mortgage lenders by what year, as described in Chapter 1?
(a) 2004.
(b) 2006.
(c) 2002.
(d) 2007.

2. Where did Michael Burry begin cataloging his investments and their results, which drew interest from Wall Street brokers without Burry's knowledge?
(a) A magazine.
(b) A library.
(c) A newspaper.
(d) A blog.

3. Michael Burry worked as a resident in what field in Chapter 2?
(a) Neurology.
(b) Optometry.
(c) Cardiology.
(d) Proctology.

4. In Michael Burry's first credit default swap, he bought how many bonds?
(a) 15.
(b) 10.
(c) 6.
(d) 12.

5. With whom did Michael Burry make his first credit default swap?
(a) Deutsche Bank.
(b) Oppenheimer and Co.
(c) Cornwall Capital Management.
(d) Scion Capital.

Short Answer Questions

1. For what company did Ben Hockett work when he met Jamie Mai?

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

3. What does AIG FP stand for?

4. What is a collection of one hundred different mortgage bonds, usually the riskiest that are combined to create a new group of bonds that could take the low rated bonds and reclassify them at a higher rate?

5. What companies approached Michael Burry and provided him with capital to begin his new company?

Short Essay Questions

1. What intrigued Steve Eisman about CDSs in Chapter 3?

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

3. What was AIG FP's role in the stock market crash, as described in Chapter 3?

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

5. How did Greg Lippmann believe he could make a fortune in the subprime mortgage industry in Chapter 3?

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

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

8. What important individuals and concepts are introduced in Chapter 1?

9. How do stocks and bonds differ in trading?

10. With whom did Charley Ledley work in New York? What individual did he meet from Berkeley, California in Chapter 5?

(see the answer keys)

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