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This quiz consists of 5 multiple choice and 5 short answer questions through Epilogue.

Multiple Choice Questions

1. How much did Long-Term plan to take from its profits?
(a) 30%.
(b) 15%.
(c) 25%.
(d) 10%.

2. What was the limitation on borrowing for equity trading?
(a) 10%.
(b) 40%.
(c) 50%.
(d) 25%.

3. In the mid-1990's, what was the ratio of leverage on Wall Street?
(a) 10-1.
(b) 45-1.
(c) 25-1.
(d) 100-1.

4. After the first bad year experienced by Long-Term, what did its overall record look like?
(a) Fantastic.
(b) Mediocre.
(c) Terrible.
(d) Typical.

5. How was Meriwether's career affected following the Treasury bill deal?
(a) He lost his job.
(b) He became a public speaker.
(c) He was made partner.
(d) He became a regulation advocate.

Short Answer Questions

1. How much money did Long-Term earn in 1996?

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

3. Where was the London office for Long-Term located?

4. How many banks stepped forward to help bail out Long-Term?

5. In 1996, who did Long-Term first approach to handle their credit?

(see the answer key)

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