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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. Why did Milken's people say they performed so well?

2. How did bondholders often operate in noncompliance with SEC rules?

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

4. What commission did Drexel make on these funds?

5. Why did Drexel remain a privately-held company?

Short Essay Questions

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

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

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

4. How did Milken begin building his fortune?

5. Describe the National Can Company takeover.

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

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

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

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

10. What happened that started the Merger & Acquisition craze in the late 1970s and early 1980s?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Write a paper on stock parking. Milken and Drexel were investigated for this practice, but they were not the only ones. Define stock parking and research other instances of charges brought against investor and investment firms for doing this. Be sure to include why a person wanting to gain control of a company might want to use this illegal method.

Essay Topic 2

The name, Predators' Ball, says a great deal about the people who organized the ball and those who clamored for invitations. Write an essay about predators and why this title was so appropriate for the people involved. Give your opinion about how that title expresses disregard for the people who were the victims.

Essay Topic 3

Write an essay on the importance of ethics in business. Discuss how the practice of secrecy leads to unethical behavior. In the essay discuss business and government transparency as a necessary ingredient in ethical behavior. Bring it down to a personal level where people refrain from doing bad things because others will know about it.

(see the answer keys)

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