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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. By 1986, who was the largest stockholder in Drexel Burnham Lambert?
(a) Michael Milken
(b) Grace Milken
(c) Lowell Milken
(d) the Milken Family Trust

2. How did Milken and his wife travel to Los Angeles?
(a) by car
(b) by bus
(c) by train
(d) by private jet

3. What was a major factor in the failure of Beverly Hills Savings?
(a) rumors that Milken was taking it over
(b) large withdrawals by depositors
(c) huge losses in junk purchased from Drexel
(d) too many hostile takeover attempts

4. Where did Milken want to move his bond operation unit in 1978?
(a) Las Vegas
(b) Los Angeles
(c) Los Alamos
(d) Las Cruces

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

Short Answer Questions

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

2. By 1983, what was the worth of Drexel's junk bond business?

3. What was the purpose of Fred Joseph's meeting at the Barbizon Plaza in New York?

4. Who was another player involved in the National Can takeover attempt?

5. What is a proxy fight?

Short Essay Questions

1. Describe the National Can Company takeover.

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

3. What were some of Carl Icahn's problems after his successful TWA takeover?

4. Explain why Milken was the main subject of the Barbizon Plaza meeting.

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

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

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

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

9. How did Milken begin building his fortune?

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

(see the answer keys)

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