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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 6, The Air Fund.

Multiple Choice Questions

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

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

3. What kind of business did Milken's Belvedere Securities do?
(a) traded bonds anonymously for clients of Drexel
(b) traded the body of the bond separate from its coupons
(c) traded new lamps for old in a manner of speaking
(d) traded business secrets learned in hostile takeovers

4. Who was behind the success of both First Executive and Columbia Savings?
(a) Thomas Spiegle
(b) Mike Milken
(c) Lowell Milken
(d) Fred Carr

5. With whom was the firm of Drexel Burnham Lambert identified by the late 1970s?
(a) Fred Joseph
(b) Tubby Burnham
(c) Ronald Reagan
(d) Michael Milken

Short Answer Questions

1. What did Joseph need to achieve his goal of making Drexel a world-class institution?

2. Why did Milken's people say they performed so well?

3. What was the Milken philosophy?

4. What benefit did Milken arrange for his low grade investment group for the next 14 years?

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

(see the answer key)

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