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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 5, The Cloister at Wilshire and Rodeo.

Multiple Choice Questions

1. What were Milken's results the first year in his new position at Drexel Burnham?
(a) 10% profit
(b) 100% profit
(c) Fewer clients
(d) Break even

2. With whom was the firm of Drexel Burnham Lambert identified by the late 1970s?
(a) Tubby Burnham
(b) Ronald Reagan
(c) Fred Joseph
(d) Michael Milken

3. What was one thing Lowell Milken did for the company?
(a) make the coffee
(b) find tax shelters for them
(c) make political contacts
(d) keep out unwanted visitors

4. What did Milken's involvement in this business do for him personally?
(a) He became very wealthy.
(b) He was finally able to take the train.
(c) He married a movie star.
(d) He finally gained respect from Burnham.

5. Keeping New York office hours, at what time did they begin work in L. A.?
(a) 7:00 a.m.
(b) 6:30 a.m.
(c) 10:00 a.m.
(d) 4:30 a.m.

Short Answer Questions

1. What did Milken and Joseph devise to keep business flowing during the recession?

2. Why did Drexel Burnham Lambert agree to let Milken move his operation at a cost of millions of dollars?

3. What was it about Milken that impressed his clients?

4. What was the purpose of Fred Joseph's meeting at the Barbizon Plaza in New York?

5. When were the tax laws changed to minimize the benefits of stripping?

(see the answer key)

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