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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. According to the author in Chapter 3, Bob Steel knew he would face scrutiny from which U.S. senator who opposed government intervention in the markets?

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

3. Who was the head of communications at Lehman Brothers in Chapter 6?

4. What was the largest and most prestigious investment bank in the nation that Jamie Dimon advised his staff could possibly file bankruptcy in the Prologue?

5. What does AIG stand for?

Short Essay Questions

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

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

3. What advice did Skip McGee give to Dick Fuld in Chapter 6? How did Fuld respond?

4. Who was let go from Lehman Brothers during an executive committee meeting in Chapter 6?

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

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

7. How was Lehman Brothers impacted by the news of Bear Stearns’ collapse, according to the author in Chapter 1? What actions did the company take?

8. What information about Lehman Brothers had been leaked to the Wall Street Journal in Chapter 6? Who was suspected of the leak?

9. What was John Thain’s plan for turning around Merrill Lynch after his acceptance of the role as CEO in Chapter 7?

10. What did Jamie Dimon inform his executive staff after attending the meeting described in the Prologue?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

Discuss Henry Paulson’s plan for the Treasury Department to purchase up to $500 billion of the bad assets off the banks in order to stabilize the markets. What flaws can be seen in this plan? In what ways would it benefit Wall Street? In what ways would it benefit the American public?

Essay Topic 3

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?

(see the answer keys)

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