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

2. Ronald O. Perelman is a hostile trader who took over which cosmetics company?
(a) Revlon.
(b) Smashbox.
(c) Maybelline.
(d) L'Oreal.

3. According to one mortgage trader, it is an accepted fact that mortgage traders have _____.
(a) Iron balls.
(b) Fishy eyes.
(c) No consciences.
(d) Death wishes.

4. The market settles on a fair value of CMOs by comparing them with corporate and _____ bonds.
(a) School.
(b) Treasury.
(c) Municipal.
(d) Junk.

5. What is the name of the Salomon Brothers when it becomes a corporation?
(a) Phibro Salomon Incorporated.
(b) Salomon Brothers Incorporated.
(c) Salomon Shearson Incorporated.
(d) First Salomon Incorporated.

Short Answer Questions

1. Drexel Burnham runs an ad in the Wall Street journal showing two men _____.

2. Michael Milken invents the _____.

3. What is another name for a call option?

4. What type of nightmares is the author having at the beginning of "The Art of War"?

5. According to the author, the whole idea of globalization at Salomon Brothers is _____.

Short Essay Questions

1. When is the best time to sell short?

2. What happens to the average age and the average age at Salomon Brothers in London in 1987?

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

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

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

6. What is the "gospel according to Ranieri"?

7. What characterizes Stu Willicker's leadership style?

8. From the moment the Federal Reserve lifted interest rates in October 1979, what happens to the thrifts?

9. How is Howie Rubin thought of at Salomon Brothers? Why?

10. Do bosses at Salomon Brothers think badly of employees who are not at their telephones all the time? Why or why not?

(see the answer keys)

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