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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. 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?

2. Gene Park worked in offices where in Chapter 4?

3. In Michael Burry's first credit default swap, he bought how many bonds?

4. In 2007, Meredith Whitney announced that what company had so mismanaged its affairs that it would slash its dividend or crash?

5. Gene Park worked for what company in Chapter 4?

Short Essay Questions

1. How do stocks and bonds differ in trading?

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

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

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

5. How did Cornwall Capital Management secure an ISDA? What did this mean for the company?

6. What did Vincent Daniel discover about the ratings companies in Chapter 4?

7. What obstacles did Cornwall Capital Management face as a beginning business?

8. What drew Mike Burry to an interest in CDSs?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe Michael Burry's tactics in establishing Scion Capital. Where did Burry find investors and what did they think of his approach to trading?

Essay Topic 2

Discuss the role that Merrill Lynch played in the mortgage crisis of 2008. What actions did the company take which led directly or indirectly to the failings of banks?

Essay Topic 3

Describe Charlie Ledley, Jamie Mai, Cornwall Capital Management and Capital One Financial. What investments did Ledley and Mai make in establishing their company?

(see the answer keys)

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