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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. Keeping New York office hours, at what time did they begin work in L. A.?
(a) 4:30 a.m.
(b) 7:00 a.m.
(c) 10:00 a.m.
(d) 6:30 a.m.

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

3. Who made the acquisition in the American Natural Resources (ANR) case?
(a) Ted Turner and TNT
(b) Oscar Wyatt and Coastal Corporation
(c) Fred Joseph and Drexel
(d) J. P. Morgan and Chase Manhattan

4. What was a cause of the market crash of 1974?
(a) economic inflation in Asia
(b) low prices and a lot of bargains among companies
(c) stock prices soaring
(d) a slow down of foreign business

5. What was one thing Lowell Milken did for the company?
(a) make the coffee
(b) find tax shelters for them
(c) keep out unwanted visitors
(d) make political contacts

Short Answer Questions

1. When were the tax laws changed to minimize the benefits of stripping?

2. What did the Federal Home Loan Bank Board discover about what Spiegle at Columbia Savings and Loan was doing?

3. Why did Drexel want Carl Icahn as a client?

4. What government regulation made it easier for multiple mergers in the 1980s?

5. What was Milken's problem with back office people at Drexel?

Short Essay Questions

1. What was Milken's greatest contribution to the Drexel firm when he was a part-time employee?

2. Why was Milken not employed by some of the biggest Wall Street firms?

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

4. How did Fred Joseph begin his goal of making Drexel a top notch firm in fifteen years?

5. How did Milken begin building his fortune?

6. Explain Milken's relationship with his staff.

7. How did Milken and Joseph create diversification for high-yield funds?

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

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

10. What were some complications of the move to Century city for Drexel?

(see the answer keys)

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