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

2. What did Milken and Joseph devise to keep business flowing during the recession?
(a) better communications with clients
(b) finance services for the largest clients
(c) ways of trading abroad
(d) different kinds of instruments

3. What is a proxy fight?
(a) two blondes fighting
(b) stockholder meetings where the management team is voted out
(c) stockholder meetings where some are locked out
(d) having someone else fight a duel for you

4. What did Joseph label his brainstorming information about LBOs?
(a) Air Fund or the highly confident letter
(b) the X-Files
(c) the M&A files
(d) the CIA files

5. What did Milken offer this market segment?
(a) a new kind of debt instrument
(b) a protection from takeover
(c) a hope for recovery
(d) ten cents on the dollar

Short Answer Questions

1. Why did Milken take the bus from New Jersey to Wall Street?

2. Why was Milken so interested in low grade bonds?

3. When inflation raised the value of assets but not stock prices, what was the result?

4. Why did Drexel have to separate from J. P. Morgan?

5. What did Milken's involvement in this business do for him personally?

Short Essay Questions

1. How did Milken begin building his fortune?

2. Why did Thomas Spiegel come under investigation by the FHLBB?

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

4. How did HITS come about and what was it?

5. Write about the relationship between Milken and Steve Wynn of the gambling industry.

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

7. Explain the beginnings of blind pools arranged by Milken.

8. How did Milken help Drexel on his drive from New York to California?

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

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

(see the answer keys)

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