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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What did Milken offer this market segment?

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

3. How much money and how fast did Drexel raise for the Phillips Petroleum proxy fight?

4. What was Milken's goal by the early 1970s?

5. Who are two examples of Milken clients who became quite wealthy?

Short Essay Questions

1. Give examples of people other than his staff who become quite wealthy following Milken's direction.

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

3. How did they get around the SEC bond registration rules?

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

5. Tell something about Milken's first house in California.

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

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

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

9. Who was Carl Icahn and how did he get into the hostile takeover business?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Do some research and write a paper on how bonds are rated by Standard and Poors. Explain how the ratings reflect the level of risk involved. Give specific examples of high-risk and low-risk bonds.

Essay Topic 2

Write an essay about how it is possible for one to achieve dreams by hard work and study. Use Michael Milken as an example of coming up from not being able to get a job with a major Wall Street investment firm to having his picture on the cover of financial magazines. Do not include his downfall as that is the subject for another essay.

Essay Topic 3

Write an essay on the subject of Pride Goes Before a Fall. Mention examples of people in high places who have become arrogant and it led to their downfall. Include the decline of Drexel in your essay along with your other examples.

(see the answer keys)

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