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This quiz consists of 5 multiple choice and 5 short answer questions through Part 3: Chapter 17, The Humbling.

Multiple Choice Questions

1. Why did Milken's people say they performed so well?
(a) because they were maing so much money
(b) because he would accept nothing less
(c) because they had to get up so early
(d) because they learned from the King

2. What were many of the money managers who started with Milken in the late 1970s doing in the 1980s?
(a) retiring and taking extended vacations
(b) staying with Milken because he was the best
(c) creating new ways of financing takeovers
(d) running their own funds

3. What did Grant continue to predict?
(a) that M&As would revitalize the national economy
(b) the end of leveraged buyouts when everything good was taken over
(c) a gradual shift from vigilance to recklessness in lending and borrowing
(d) a major acquisition that would stagger the mind

4. To troubled businesses, what was Drexel's unregistered exchange offer?
(a) a way of using stocks or bonds to meet the interest obligations
(b) creating additional Chinese paper
(c) lowering their interest rates to businesses
(d) trading under the table

5. What was the result when rules on M&A were finally adopted by the Congress?
(a) They made it impossible to sell parts of a company to pay for the acquisition.
(b) They made it almost impossible for raiders to operate.
(c) They were easy for the investment banking firms to get around.
(d) They put everyone out of business.

Short Answer Questions

1. What did the 1985 President's Council of Economic Advisers report on the issue of M&A conclude?

2. What was coming to an end?

3. What kind of business did Milken's Belvedere Securities do?

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

5. Why did Milken takeovers work?

(see the answer key)

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