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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 3, Transformation.

Multiple Choice Questions

1. What does FIFI stand for?
(a) First Investors Fund for Income
(b) Five Investment Features Initiative
(c) Fund Income from Favored Investors
(d) Field Investment File Information

2. What was one thing Lowell Milken did for the company?
(a) keep out unwanted visitors
(b) make the coffee
(c) find tax shelters for them
(d) make political contacts

3. Why did Drexel have to separate from J. P. Morgan?
(a) the enactments of the Glass-Steagall Act in 1934
(b) the final break up of J. P. Morgan and Company
(c) a disagreement between Drexel and Morgan
(d) the regulations of the sherman Anti-Trust Act

4. Who becomes Milken's ally and public face in 1974?
(a) Tubby Burnham
(b) Cary Grant
(c) Fred Joseph
(d) Khun Loeb

5. Who dominated the market in junk bond funds from 1978 on?
(a) Morgan Investments
(b) Lehman Brothers
(c) Fidelity
(d) Drexel

Short Answer Questions

1. What was the address of the new building in L. A.?

2. What was Milken's problem with back office people at Drexel?

3. Why did Drexel Burnham Lambert agree to let Milken move his operation at a cost of millions of dollars?

4. What was the Wall Street attitude toward low grade bonds at the time Milken started trading in them?

5. Where did Milken want to move his bond operation unit in 1978?

(see the answer key)

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