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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Why did Milken take the bus from New Jersey to Wall Street?
(a) to avoid talking to Wall Street people
(b) because he could not afford the train
(c) because he liked the people on the bus
(d) because he did not drive a car

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

3. What influenced Milken to become interested in low grade bond portfolios?
(a) an unexpected profit from his own low grade bonds
(b) the Hickman study, an analysis of bond yields
(c) the Morgan report on bond yields
(d) a course he took at Wharton

4. Why was Milken so interested in low grade bonds?
(a) they were the only ones he really understood
(b) he liked to gamble big time
(c) that was all he could afford
(d) equity offerings were not an option for the Drexel Burnham market

5. Who was another player involved in the National Can takeover attempt?
(a) Lowell Milken
(b) Gerald Guteman
(c) Oscar Wyatt
(d) Victor Posner

Short Answer Questions

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

2. What was Ichan able to do after he got a seat on the board of Tappan?

3. Who informed the SEC that he was attempting to gain control of Triagle Acquisition Corporation?

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

5. Who moved to Los Angeles with Milken?

Short Essay Questions

1. Discuss Carl Icahn's expertise in proxy fights.

2. Who was Carl Icahn and how did he get into the hostile takeover business?

3. Explain how Milken became nervous over large bond deals.

4. Describe Drexel's part in the National Can hostile takeover.

5. How did Marshall Field attempt to fight Carl Icahn?

6. Describe how Michael Milken is introduced in the book.

7. Explain why Drexel did not become a publicly-traded company?

8. How did Drexel go about creating the Air Fund in an effort to get into M&A?

9. How did Milken begin building his fortune?

10. What was the subject of the meeting at the Barbizon Plaza in New York held by Fred Joseph?

(see the answer keys)

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