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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 the central banking system of the United States?
(a) The World Bank.
(b) The Federal Reserve.
(c) U.S. Bank.
(d) Wells Fargo.

2. How much did Morgan Stanley settle with Deutsche Bank on the CDOs purchased from Hubler in Chapter 9?
(a) $350 million.
(b) $750 million.
(c) $600 million.
(d) $450 milllion.

3. Howie Hubler was a bond trader for what company in Chapter 9?
(a) Morgan Stanley.
(b) Merrill Lynch.
(c) Wachovia.
(d) Bear Sterns.

4. What is the title of Chapter 7?
(a) The Great Treasure Hunt.
(b) Money Wonders.
(c) The Gold Rush.
(d) Gathering Eggs.

5. What does the SEC refer to?
(a) Speculators and Experts Council.
(b) Sellers and Engineers Committee.
(c) Special Experts Conglomerate.
(d) Securities and Exchange Commission.

Short Answer Questions

1. The contract with which one of Scion's original investors was coming up in Chapter 8?

2. In Chapter 8, Michael Burry found that his reports to his investors were appearing more and more bleak because of his heavy investment in what?

3. The top bond traders of the 1980s called themselves by what nickname, becoming inspiration for the books The Bonfire of the Vanities and Liar's Poker?

4. What is the title of Chapter 6?

5. Howie Hubler's company was so impressed with Hubler that they made him a unique deal by giving him what within their company in Chapter 9?

Short Essay Questions

1. Who attended the conference described in Chapter 6? Where was it held?

2. What information did Steve Eisman discover about the rating companies in Chapter 7?

3. How does the author describe the events at FrontPoint on September 18, 2008?

4. Who took the hardest hit from the mortgage crisis, according to the author in his conclusion of the book?

5. What actions from the 1980s does the author describe as leading up to the mortgage crisis in the Epilogue?

6. What eventually led to Morgan Stanley questioning the actions of Howie Hubler?

7. What did Morgan Stanley offer Howie Hubler in Chapter 9?

8. What impact did the conference have on Cornwall Capital Management in Chapter 7?

9. What did Steve Eisman find himself drawn to at the conference in Chapter 6? Why?

10. What led Cornwall Capital Management to sell off their CDOs in Chapter 9? How much did they make?

(see the answer keys)

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