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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. Dick Fuld and who called Warren Buffett to ask him to consider investing in Lehman Brothers, according to the author in Chapter 2?

2. Who was the Chairman of the Federal Reserve in 2008?

3. Who did Scott Friedheim believe to be responsible for the leak to the Wall Street Journal in Chapter 6?

4. What refers to a security interest in real property held by a lender as a security for a debt?

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

Short Essay Questions

1. How was Hank Paulson’s rise to the post of Treasury Secretary described in Chapter 2?

2. What decisions came out of the meeting described in Chapter 9?

3. To whom did John Thain turn for help with Merrill Lynch’s situation in Chapter 7? What response did he receive?

4. How did Henry Paulson come about encountering the Goldman Sachs executives in Chapter 9?

5. How is Dick Fuld’s career described in Chapter 1? Who did Fuld choose as his right-hand-man at Lehman Brothers?

6. What executive meeting does the author describe in the opening of Chapter 9? Where did the meeting take place?

7. Who did Bob Steel contact to discuss the Lehman Brothers problem in Chapter 4? What response did he get?

8. Who did Bob Willumstad replace as CEO of AIG? How does the author describe Hank Greenberg’s thoughts on this transition in Chapter 8?

9. When was AIG’s Financial Products department developed, according to the author in Chapter 8? How successful was this department?

10. What suggestion did Hank Paulson make to Dick Fuld regarding Lehman Brothers’ holdings in Chapter 2? How did Fuld respond?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the biography and career of Dick Fuld and the origins and history of Lehman Brothers Holdings Inc. When and where was Lehman Brothers established? How did the institution come to be the fourth-largest investment bank in the U.S.? When did Fuld become CEO?

Essay Topic 2

Discuss the biography and career of John Thain and the history of Merrill Lynch. How did Merrill Lynch’s status as a “brokerage firm” differ from the statuses of banks? When was the company established? What was its standing in 2008 as the financial world anticipated the downfall of Lehman Brothers?

Essay Topic 3

Discuss Dick Fuld’s objectives and obstacles in Chapter 6. How did Fuld feel about letting go of his top executives? Who made this suggestion to Fuld? How did Erin Callan and Joe Gregory respond to the situation?

(see the answer keys)

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