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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. When Cornwall Capital Management moved to Bear Sterns, their account was handled by whom?

2. Through the use of what, was Michael Burry guaranteed to only lose only the amount of the premium payments in Chapter 2?

3. Michael Burry worked as a resident in what field in Chapter 2?

4. In Michael Burry's first credit default swap, he bought how many bonds?

5. After Eisman's published report, there were no more public subprime mortgage lenders by what year, as described in Chapter 1?

Short Essay Questions

1. Discuss Steve Eisman's work with mortgage bonds. How were mortgage bonds divided?

2. What drew Mike Burry to an interest in CDSs?

3. How do stocks and bonds differ in trading?

4. What intrigued Steve Eisman about CDSs in Chapter 3?

5. What important individuals and concepts are introduced in Chapter 1?

6. What patterns did Steve Eisman's team discover in mortgage trading in Chapter 4?

7. How did Steve Eisman come to work for Oppenheimer Co.? How is he described?

8. What picture does the author paint of Steve Eisman and Wall Street in 2005 in Chapter 1?

9. What led to mortgage companies extending loans to unreliable clients, as described in Chapter 1?

10. With whom did Charley Ledley work in New York? What individual did he meet from Berkeley, California in Chapter 5?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss Moody's and Standard & Poor's. When were these rating companies established? What is their role on Wall Street?

Essay Topic 2

Discuss Greg Lippmann and the dealings between Deutsche Bank and FrontPoint. What was Lippmann's objective in approaching Eisman?

Essay Topic 3

Discuss the role that Merrill Lynch played in the mortgage crisis of 2008. What actions did the company take which led directly or indirectly to the failings of banks?

(see the answer keys)

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