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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. What often benefited Drexel in dealing with its clients?
(a) positive publicity
(b) inside information
(c) equity from the deals they took part in
(d) leads for new clients

2. When did the trading of Milken, Icahn, Posner and Boyd Jeffries, as well as others come under investigation?
(a) In late December 1986
(b) Within minutes of the announcement of Boesky's plea bargain
(c) Right after the Preditors' Ball in 1987
(d) Long before the SEC began investigating Boesky

3. For whose benefit were most of the investment partnerships?
(a) for potential clients
(b) for Milken
(c) for the Drexel firm
(d) for the corporate employees

4. On May 12, 1986, who was charged with insider trading and agreed to cooperate with the government?
(a) Fred Joseph
(b) Lowell Milken
(c) Car Icahn
(d) Dennis Levine

5. Who were some customers who received better deals from Milken?
(a) Murdock and Turner
(b) Carl Icahn and Samuel Heyman
(c) Oscar Wyatt and Coastal Corporation
(d) Perelman and Rocho

Short Answer Questions

1. Who did Joseph hire with a three-year contract calling for $3 million per year plus extras?

2. What was another company Wedvick used in his investment scheme?

3. How was Joseph building his diversified team?

4. How were some people able to beat Milken on deals?

5. Why was Revlon attracting raiders?

Short Essay Questions

1. What was James Grant's position on where things would eventually lead in the credit cycle?

2. How did Peer Wedvick satisfy his need for an institution with a high investment-grade rating?

3. What evolved after many customers first dealt with Milken?

4. How was fear affecting Drexel during the investigations?

5. Describe Milken's goals for the Asian markets.

6. How did Milken's power in the industry benefit Drexel?

7. How was favoritism shown at Drexel?

8. Why were other investment firms not as successful as Drexel?

9. State some of the details about Milken's being investigated for insider trading.

10. What role did LTV play in identifying a weakness in the junk market?

(see the answer keys)

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