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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. What company fell after Bear Sterns in Chapter 10?

2. Where did Michael Lewis receive a BA in Art History?

3. Who asked Howie Hubler for money owed Deutsche Bank on the CDOs purchased from Hubler in Chapter 9?

4. How much did Morgan Stanley settle with Deutsche Bank on the CDOs purchased from Hubler in Chapter 9?

5. What is the title of Chapter 6?

Short Essay Questions

1. What did Steve Eisman find himself drawn to at the conference in Chapter 6? Why?

2. Who does the author describe meeting for lunch in the Epilogue?

3. How many CDOs did Cornwall Capital Management acquire after the conference in Chapter 7?

4. Why did Steve Eisman buy CDOs from Lippmann in Chapter 7?

5. What information did Steve Eisman discover about the rating companies in Chapter 7?

6. What impact did the conference have on Cornwall Capital Management in Chapter 7?

7. Who courted Charlie Ledley at the conference in Chapter 6? What was Ledley's objective at the conference?

8. What conclusion did Steve Eisman reach regarding the CDSs and CDOs in Chapter 7?

9. What would have caused most of the Wall Street banks to fail, according to the author in Chapter 10?

10. What led Cornwall Capital Management to sell off their CDOs in Chapter 9? How much did they make?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss Charlie Ledley's objectives and obstacles at the Las Vegas conference. What did Ledley hope to achieve at the conference and what stood in his way?

Essay Topic 2

Discuss ISDAs, Ace Greenburg, Bear Sterns and Ben Hockett. How did Hockett contribute to the evolution of Cornwall Capital Management?

Essay Topic 3

Discuss Cornwall Capital Management in comparison with Scion and FrontPoint. How did each of these companies compare in terms of assets and investors?

(see the answer keys)

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