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This quiz consists of 5 multiple choice and 5 short answer questions through At the Fed.

Multiple Choice Questions

1. When did Long-Term begin scrambling to raise money?
(a) August 30.
(b) August 2.
(c) August 24.
(d) August 10.

2. What was the common belief regarding nuclear powers?
(a) They are not stable.
(b) They do not have capital.
(c) They always default.
(d) They never default.

3. In 1998, who published Meriwether's letter to his clients?
(a) The Financial Times.
(b) The New York Times.
(c) Bloomberg.
(d) The New Yorker.

4. What was the internal climate at Long-Term in 1998?
(a) The same as always.
(b) Negative.
(c) Deteriorating.
(d) Positive.

5. What did the letter Meriwether sent to his clients claim it was difficult to do with Long-Term?
(a) Make money.
(b) Lose money.
(c) Take legal action.
(d) Get a job.

Short Answer Questions

1. How much did banks and investors make in conjunction with Long-Term?

2. What were popular pools in 1993?

3. By the end of August 1998, what market had practically stopped trading altogether?

4. Meriwether believed that risk and volatility were what?

5. How many employees were with Long-Term in 1996?

(see the answer key)

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