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

2. What was Milken's biggest contribution to Drexel in the early years?
(a) a study of the securities delivery system which cut the delivery time from five days to one
(b) a recruiting system to get the brightest Ivy League graduates
(c) engineering the change over to computers
(d) an entry into the social circles of high-yield bond traders

3. What are REITs?
(a) really extended investment trials
(b) rare employee investment tallies
(c) raw energy investment tables
(d) real estate instruments like mortgages

4. Why did the new Drexel Burnham company give Milken a $2 million position?
(a) Milken was thinking of leaving.
(b) Milken hid evidence from the SEC.
(c) Milken would be the token Jew.
(d) Milken ochestrated the merger of Drexel and Burnham.

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

Short Answer Questions

1. Keeping New York office hours, at what time did they begin work in L. A.?

2. Why was Milken so interested in low grade bonds?

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

4. Who becomes Milken's ally and public face in 1974?

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

(see the answer key)

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