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

Multiple Choice Questions

1. Michael Steindardt believed what was the "culprit in 1994"?
(a) Poverty.
(b) Leverage.
(c) Foolish investments.
(d) Wealth.

2. What hedge fund caused a pound devaluation in Europe but made over a billion dollars?
(a) Endowment Fund.
(b) Millenium Fund.
(c) Quantum Fund.
(d) Treasury Fund.

3. How much did banks and investors make in conjunction with Long-Term?
(a) 1-200 million.
(b) 1 million.
(c) 50 million.
(d) Several hundred thousand.

4. Once crisis hit, how many weeks did it take for the partners to lose $3.6 billion?
(a) 5.
(b) 20.
(c) 52.
(d) 1.

5. On what date did Russia declare a debt moratorium?
(a) August 17.
(b) September 30.
(c) July 4.
(d) August 31.

Short Answer Questions

1. In 1996, what was Long-Term seeking from the bank that would handle their credit?

2. How much equity did Long-Term have hold of in 1997?

3. What percentage of Americans had no knowledge of Long-Term?

4. After the meeting with the Fed, a market movement of what percentage could have ended Long-Term?

5. In bond trading, what are loans backed by collateral called?

(see the answer key)

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