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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. By the fall of 1989, what were many people doing?
(a) complaining about Milken
(b) changing the rules for junk bonds
(c) junk bond financing
(d) getting rid of junk bonds

2. What did Milken do for people who had worked with him?
(a) contributed to their children's education
(b) gave them no competition contracts
(c) got rid of all of them
(d) helped people find jobs

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

4. What was it about Milken that impressed his clients?
(a) his willingness to bargain when he sold them junk bonds
(b) his inside information about the junk bond companies
(c) his knowledge and memory for details about every bond there was.
(d) his connections with politicians and movie stars

5. What did Grant say the public was competing for at that point?
(a) for securities of high and higher yield - and poorer quality
(b) for invitations to the Preditors' Ball
(c) for ownership in television stations and newspapers
(d) for more and more media attention

Short Answer Questions

1. How much money and how fast did Drexel raise for the Phillips Petroleum proxy fight?

2. Who at Drexel became a problem because of a lawsuit by Beverly Hills Savings and Loan?

3. Why did Drexel remain a privately-held company?

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

5. Who was behind the success of both First Executive and Columbia Savings?

(see the answer key)

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