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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 the stripped bonds result in large tax benefits?

2. What was Fred Joseph's strategy for hiring employees for Drexel?

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

4. Who informed the SEC that he was attempting to gain control of Triagle Acquisition Corporation?

5. What two large companies did Drexel underwrite bond issues for in a ten-day period?

Short Essay Questions

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

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

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

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

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

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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.

Essay Topic 2

Write an essay about the importance of education for success in the business world. In the essay discuss how the idea is wrong that only a degree from certain universities is important. Besides Milken, list people who have become successful after graduating from lesser known universities.

Essay Topic 3

Write a paper on how manipulation of big business affects the common citizen. With mergers and acquisitions many people end up losing their jobs. When financial gambles go wrong, people's life savings are often affected. Your paper should discuss the responsibility of wealthy business people for the public welfare at large.

(see the answer keys)

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