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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 4, Merge with Mike.

Multiple Choice Questions

1. What was Milken's problem with back office people at Drexel?
(a) He did not work well with Jewish people.
(b) He did not understand their work.
(c) He was less educated than they were.
(d) He could not communicate with them.

2. What was the Milken philosophy?
(a) to go after businesses listed on the NYSE
(b) to go after businesses that were owner-managed
(c) to go after businesses that were sure to fail
(d) to go after startup businesses

3. What commission did Drexel make on these funds?
(a) one percent
(b) three quarters of a percent
(c) five eighths of a percent
(d) seven eighths of a percent

4. For whom did Milken do trading?
(a) not only for customers, but also his own account and his group's account
(b) just for Drexel Burnham Lambert because of the volume of work
(c) only for himself now because he was making so much money
(d) only for family and friends to keep attention away from himself

5. Why did Drexel remain a privately-held company?
(a) It was too much of a temptation for a hostile takeover.
(b) Joseph refused to allow it to happen.
(c) Milken could then retain his need for secrecy.
(d) They did not want outsiders to get in on their business.

Short Answer Questions

1. What was it about Milken that impressed his clients?

2. What was the result of changes in the investment banking industry in the 1970s?

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

4. What was Milken's biggest contribution to Drexel in the early years?

5. What did Milken's involvement in this business do for him personally?

(see the answer key)

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