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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Salomon Brothers is a ______ from 1910 to 1981.
(a) Partnership.
(b) Sole proprietorship.
(c) Monopoly.
(d) Corporation.

2. To create a CMO, hundreds of millions of dollars in ordinary mortgage bonds are placed in a _____.
(a) Pension fund.
(b) Certificate of Deposit.
(c) Trust.
(d) Retirement account.

3. Where does Dash see a painting that he wants?
(a) Bonham's.
(b) Sotheby's
(c) Christie's.
(d) The Metropolitan Museum.

4. A carnival performer who bites the heads off live chickens and snakes is definition of a _____.
(a) Stooge.
(b) Geek.
(c) Nerd.
(d) Freak.

5. Ranieri owns exactly four suits, all of them _____.
(a) Wool.
(b) Rayon.
(c) Polyester.
(d) Silk.

Short Answer Questions

1. "The opportunist" is sane in every respect except that his _____ was stratospheric.

2. This person is charged with coordinating all deals on the trading floor.

3. Ranieri describes Tom Strauss as _____.

4. What spins out of control at Salomon Brothers in 1987?

5. Mike Milkin of Drexel Burnham is the guru of _____.

Short Essay Questions

1. How does the role of researcher change at Salomon Brothers during the mortgage bond explosion?

2. Who took the hit for the AT&T bond loss that the author advised Herman on?

3. The author is convinced that the worst thing a man can do with a telephone without breaking the law is what?

4. What is drifting away from Salomon Brothers and toward Drexel Burnham in 1987? Why?

5. Despite the upheaval in the mortgage market, what is the initial objection that remains valid as the mortgage market evolves?

6. Why do thrifts come back for more, even though they don't understand what is happening to their loans in the mortgage bond market?

7. What are some of the bad habits mortgage traders have developed regarding the use of the Salomon Brothers expense account?

8. As the author gains more experience working in London, what does he think interests European traders that differs from American traders?

9. What is selling short?

10. Why do costs at Salomon Brothers seem to suddenly matter in 1985?

(see the answer keys)

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