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This quiz consists of 5 multiple choice and 5 short answer questions through Part 3: Chapter 14, Sovereign Privileges.

Multiple Choice Questions

1. Why did the stripped bonds result in large tax benefits?
(a) no law covered the stripped Treasury security
(b) stripping the securities left them worthless
(c) those sales did not have to be reported as income
(d) without the coupons the securities were untraceable

2. Who made the contact for Wedvick with Kansa?
(a) Carl Icahn
(b) Fred Joseph
(c) Michael Milken
(d) Rodrigo Rocha

3. For whose benefit were most of the investment partnerships?
(a) for potential clients
(b) for the Drexel firm
(c) for the corporate employees
(d) for Milken

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

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

Short Answer Questions

1. Who was another player involved in the National Can takeover attempt?

2. What was the largest bankruptcy in 1986?

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

4. By the fall of 1989, what were many people doing?

5. What did Bergerac and his allies forget in the process of fighting the takeover?

(see the answer key)

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