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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 was the estate they bought?
(a) the Clark Gable-Carole Lombard estate
(b) the Judy Garland estate
(c) the Jackie Coogan estate
(d) the Pickford estate

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

3. Why did Milken take the bus from New Jersey to Wall Street?
(a) because he could not afford the train
(b) to avoid talking to Wall Street people
(c) because he liked the people on the bus
(d) because he did not drive a car

4. What did Milken's involvement in this business do for him personally?
(a) He finally gained respect from Burnham.
(b) He married a movie star.
(c) He was finally able to take the train.
(d) He became very wealthy.

5. Where did Milken want to move his bond operation unit in 1978?
(a) Los Angeles
(b) Los Alamos
(c) Las Cruces
(d) Las Vegas

Short Answer Questions

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

2. What influenced Milken to become interested in low grade bond portfolios?

3. Why was Drexel Burnham's investment banking business diminished by 1975?

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

5. What advantage did Milken's kind of debt offer?

(see the answer key)

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