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This quiz consists of 5 multiple choice and 5 short answer questions through Chapters 6-7.

Multiple Choice Questions

1. Hank Paulson and his staff prepared a secret plan for how to deal with the situation in Chapter 4. Their plan proposed that should the banks fail, the Treasury Department would purchase up to how many of the bad assets of the banks in order to stabilize the market?
(a) $500 billion
(b) $300 billion
(c) $200 billion
(d) $100 billion

2. Warren Buffett is the primary shareholder, chairman and CEO of what American multinational conglomerate holding company?
(a) Wells Fargo
(b) Westwood Capital LLC
(c) Berkshire Hathaway
(d) BlackRock

3. When did FAS 157 become effective?
(a) November 15, 2007
(b) August 1, 2004
(c) June 28, 2005
(d) May 9, 2006

4. Dick Fuld expressed his belief that Lehman Brothers was under attack by what in Chapter 4?
(a) Mortgages
(b) Subprime lenders
(c) Short-sellers
(d) Derivatives

5. The assignment of Jamie Dimon and a dozen of his rival CEOs at the emergency meeting at the Federal Reserve Bank of New York was to come up with a plan to save what company, according to the author in the Prologue?
(a) Merrill Lynch
(b) Berkshire Hathaway
(c) JP Morgan
(d) Lehman Brothers

Short Answer Questions

1. John Thain went to Michael Bloomberg and proposed that Bloomberg buy back what percent of his company from the bank in Chapter 7?

2. Where was Hank Paulson born?

3. Dick Fuld had been pressing what old friend and former Chairman of AIG to put money into Lehman Brothers in Chapter 6?

4. Jamie Dimon told Hank Paulson that JP Morgan had upped its offer from $2 per share to what in Chapter 2?

5. John Thain is described in Chapter 7 as having worked for Henry Paulson at Goldman Sachs and then as CEO of what company?

(see the answer key)

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