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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. Who becomes Milken's ally and public face in 1974?
(a) Tubby Burnham
(b) Cary Grant
(c) Fred Joseph
(d) Khun Loeb

2. What commission did Drexel make on these funds?
(a) three quarters of a percent
(b) one percent
(c) seven eighths of a percent
(d) five eighths of a percent

3. What were Milken's results the first year in his new position at Drexel Burnham?
(a) 100% profit
(b) Fewer clients
(c) 10% profit
(d) Break even

4. What two large companies did Drexel underwrite bond issues for in a ten-day period?
(a) Paramount Pictures and General Motors
(b) Boeing Aricraft and United Supermarkets
(c) MGM/UA Entertainment Company and MCI Communications
(d) Disney Studios and the LA Dodgers

5. What did the Milken Group do in 1983?
(a) moved from Century City to a building at Wilshire Boulevard and Rodeo Drive
(b) cancel the annual Preditors' Ball
(c) began making large charitable contributions
(d) started buying up real estate in Los Angeles

Short Answer Questions

1. What was the advantage FIFI and other like funds offer?

2. What is sometimes the result of an LBO?

3. What was the Milken philosophy?

4. What influenced Milken to become interested in low grade bond portfolios?

5. What is a proxy fight?

Short Essay Questions

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

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

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

4. Tell something about Fred Joseph and how he became known at Drexel.

5. Describe the National Can Company takeover.

6. What was capturing Milken's interest in 1977?

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

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

9. Explain why Milken wanted to move his operation to Los Angeles.

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

(see the answer keys)

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