Global financial crisis of 2008–2009

The financial crisis of 2007–2010 has been called by leading economists the worst financial crisis since the Great Depression of the 1930s.^[1] Economist Peter Morici has termed it "The Great Recession."^[2] It contributed to the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.^[3] Many causes have been proposed, with varying weight assigned by experts.^[4] Both market-based and regulatory solutions have been implemented or are under consideration,^[5] while significant risks remain for the world economy over the 2010–2011 periods.^[6]

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1973–1974 stock market crash

The 1973–1974 stock market crash was a stock market crash that lasted between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom,^[1] it was one of the worst stock market downturns in modern history.^[2] The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated 'Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis in October of that year. It was a major event in the 1970s recession.

1997 Asian Financial Crisis

The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.

1998 Russian financial crisis

The Russian financial crisis (also called "Ruble crisis") hit Russia on 17 August 1998. It was triggered by the Asian financial crisis, which started in July 1997. During the ensuing decline in world commodity prices, countries heavily dependent on the export of raw materials were among those most severely hit. Petroleum, natural gas, metals, and timber accounted for more than 80% of Russian exports, leaving the country vulnerable to swings in world prices. Oil was also a major source of government tax revenue.^[1]

2000s energy crisis

From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. During 2003, the price rose above $30, reached $60 by August 11, 2005, and peaked at $147.30 in July 2008.^[1] Commentators attributed these price increases to many factors, including reports from the United States Department of Energy and others showing a decline in petroleum reserves,^[2] worries over peak oil,^[3] Middle East tension, and oil price speculation.^[4]

2007–2008 world food price crisis

The years 2007–2008 saw dramatic increases in world food prices, creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations.

2008–2009 Belgian financial crisis

The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks - Fortis and Dexia - started to face severe problems, exacerbated by the financial problems hitting other banks in the world. The value of their stocks, as well as the stocks of most other Belgian companies plunged. The government tried to control the situation by bailing-out banks and guaranteeing bank deposits. Eventually Fortis was split into two parts - the Dutch one was nationalized, while the Belgian one was sold to the French bank BNP Paribas.

2008–2009 Icelandic financial crisis

The 2008–2009 Icelandic financial crisis is a major ongoing economic crisis in Iceland that involves the collapse of all three of the country's major banks following their difficulties in refinancing their short-term debt and a run on deposits in the United Kingdom. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.^[1]

2008–2009 Irish financial crisis

The 2008–2009 Irish financial crisis is a major ongoing economic crisis in Ireland that is in part responsible for the country falling into recession for the first time since the 1980s. The Irish government officially announced it was in recession in September 2008, with a sharp rise in unemployment occurring in the following months. The Republic of Ireland was the first state in the Eurozone to enter recession as declared by the Central Statistics Office^[1].

2008–2009 Keynesian resurgence

Starting in 2008, there has been a resurgence of interest in Keynesian economics among various policy makers from the world's industrialized economies. This has included discussions and implementation of some economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression—such as fiscal stimulus and expansionary monetary policy.^[1]^[2]^[3]^[4]

2008–2009 Latvian financial crisis

The 2008–2009 Latvian financial crisis, part of the global financial crisis of 2008–2009, is a major ongoing economic and political crisis in Latvia. In 2008, after years of booming economic success, the Latvian economy took one of the sharpest downturns in the world, picking up pace in the last quarter which saw GDP contract by 10.5%.^[1] On January 13, 2009, Latvia saw its worst riots since the collapse of the Soviet Union after more than 10,000 people took to protest in the capital, Riga, over the governments handling of the crisis.^[2] In February the Latvian government asked the International Monetary Fund and the European Union for an emergency bailout loan of 7.5 billion Euros, while at the same time the government nationalized Parex Bank, the country's second largest bank. On concerns of bankruptcy, Standard & Poors subsequently downgraded Latvia's credit rating to non-investment grade BB+, or "junk", its worst ever rating. Its rating was put on negative outlook, which indicates a possible further cut.^[3] On February 20 the Latvian coalition government headed by Prime Minister Ivars Godmanis collapsed.^[4]

2008–2009 Russian financial crisis

The 2008–2009 Russian financial crisis, part of the world Economic crisis of 2008, was a crisis in the Russian financial markets as well as an economic recession that was compounded by political fears after the war with Georgia and by the plummeting price of Urals heavy crude oil, which lost more than 70% of its value since its record peak of $147 on 4 July 2008 before rebounding moderately in 2009. According to the World Bank, Russia’s strong short-term macroeconomic fundamentals made it better prepared than many emerging economies to deal with the crisis, but its underlying structural weaknesses and high dependence on the price of a single commodity made its impact more pronounced than would otherwise be the case.^[1]

2008–2009 Spanish financial crisis

The 2008–2009 Spanish financial crisis is part of the world economic crisis of 2008. In Spain, the crisis was generated by long term loans (commonly issued for 40 years), the building market crash which included the bankruptcy of major companies, and a particularly severe increase in unemployment, which rose to 13.9% in February 2009.

2008–2009 Ukrainian financial crisis

Ukraine was hit heavily by the late-2000s recession, the World Bank expects Ukraine's economy to shrink 15% in 2009^[1] with inflation being 16.4%^[2]. The Ukrainian government predicts GDP growth of 0.4% in 2009 and a slowdown in inflation to 9.5% (also in 2009), although the overwhelming majority of economists consider this forecast to be excessively optimistic^[2].

2008–2010 Irish banking crisis

The 2008–2010 Irish banking crisis is an ongoing situation in Ireland which has led to a number of financial institutions requiring government assistance and has subsequently led to a number of unexpected revelations about the private affairs of some banks. The December 2008 hidden loans controversy within Anglo Irish Bank led to the resignations of three executives, including chief executive Sean FitzPatrick, and the institution was nationalised in January 2009 when the Irish government determined that recapitalisation would not be enough to save the bank. Recapitalisation was however carried out at the country's two largest banks, Allied Irish Bank (AIB) and Bank of Ireland (BoI), with bailouts of €3.5 billion confirmed for each bank on 11 February 2009. Since then it has emerged that Anglo Irish Bank falsified its accounts before it was nationalised, with transactions between it and another bank, Permanent TSB, being uncovered.^[1] The chief executive of Irish Life and Permanent, the company that owns Permanent TSB, Denis Casey, resigned in the aftermath of this revelation. Amidst the crisis the ruling Fianna Fáil party has fallen to third place in an opinion poll conducted by The Irish Times,^[2] placing behind Fine Gael and Labour, the latter of which rises above Fianna Fáil for the first time in history.^[3] Fine Gael leader Enda Kenny, speaking in County Cork on 15 February, asked the entire board of the Financial Regulator to resign.^[4]

2008–2010 Irish financial crisis

The 2008–2010 Irish financial crisis is a major ongoing economic crisis in Ireland that is in part responsible for the country falling into recession for the first time since the 1980s. The Irish government officially announced it was in recession in September 2008, with a sharp rise in unemployment occurring in the following months. The Republic of Ireland was the first state in the Eurozone to enter recession as declared by the Central Statistics Office^[1].

2008-2009 bank failures in the United States

Twenty-five banks in the United States failed and were taken over by the Federal Deposit Insurance Corporation (FDIC) in 2008,^[1] after only three failures in 2007 and none in 2006 or 2005.^[2]

2008 Central Asia energy crisis

The 2008 Central Asia energy crisis is an ongoing energy shortage in Central Asia, which, combined with the severe weather of the 2007-08 winter (the coldest since 1969^[1]) and high prices for food and fuel, has caused considerable hardship for many.^[2] The abnormally cold weather has pushed demand up for electricity, exacerbating the crisis. The situation is most dire in Tajikistan. An international appeal has been made by the United Nations, NGOs, and the Red Cross and Red Crescent for around US$25 million to assist the government.^[3] The crisis has been ongoing and the UN has warned that millions face starvation during the 2008-09 winter.^[4]

2008 Chinese economic stimulus plan

The 2008-2009 Chinese economic stimulus plan (simplified Chinese: 扩大内需十项措施; traditional Chinese: 擴大內需十項措施; pinyin: Kuòdà Nèixū Shíxiàng Cuòshī) is a RMB¥ 4 trillion (US$ 586 billion) stimulus package announced by the central government of the People's Republic of China on 9 November 2008 in its biggest move to stop the global financial crisis from hitting the world's third largest economy.^[2]^[3]

2008 European Union stimulus plan

On 26 November, 2008, the European Commission proposed a European stimulus plan amounting to 200 billion euros to cope with the effects of the global financial crisis on the economies of the members countries. It aims at limiting the economic slowdown of the economies through national economic policies, with measures extended over a period of two years.

2008 G-20 Washington summit

• Review of countries' past and future actions addressing the immediate crisis and contributing to growth
• Agreement on common principles for reforming financial markets
• Action plan to implement those principles and to develop further specific recommendations for later review
• Reaffirmation of commitment to free market principles

2008 Greek riots

The 2008 Greek riots started on 6 December 2008, when Alexandros Grigoropoulos (Greek: Αλέξανδρος Γρηγορόπουλος), a 15-year-old student, was fatally shot by Epaminondas Korkoneas,^[1] a police officer. The shooting occurred after an altercation between a police patrol and a small group of youths in the Exarcheia district of central Athens.^[2]

2008 United Kingdom bank rescue package

A bank rescue package totalling some £500 billion (approximately $850 billion) was announced by the British government on 8 October 2008, as a response to the ongoing global financial crisis. After two unsteady weeks at the end of September, the first week of October had seen major falls in the stock market and severe worries about the stability of British banks. The plan aimed to restore market confidence and help stabilise the British banking system, and provided for a range of short-term loans and guarantees of interbank lending, as well as up to £50 billion of state investment in the banks themselves.

2009 G-20 London Summit

The G-20 Leaders' Summit on Financial Markets and the World Economy was held in London on 2 April 2009 at the ExCeL Centre.^[1] It followed the first G-20 Leaders Summit on Financial Markets and the World Economy, which was held in Washington, D.C. on 14–15 November 2008.^[2] Heads of government or heads of state from the Group of Twenty Finance Ministers and Central Bank Governors (G-20), plus some regional and international organisations attended. Due to the extended membership it has been referred to as the London Summit.^[3]

2009 G-20 London summit protests

The 2009 G-20 London summit protests occurred in the days around the G-20 summit on 2 April 2009, which was the focus of protests from a number of groups over various long-standing and topical issues. These ranged from disquiet over economic policy, anger at the banking system and bankers' remuneration and bonuses, the continued war on terror and concerns over climate change.

2009 G-20 Pittsburgh summit

The G20 summit took place at Pittsburgh's David L. Lawrence Convention Center on September 24–25, 2009.^[1] Announced shortly after the April 2009 G-20 London summit, U.S. President Barack Obama volunteered to host this summit, initially planning to hold it in New York City and coordinating it with the opening of the United Nations General Assembly. However, due to coordination issues, on May 28, 2009, the Obama Administration announced a change of venue to Pittsburgh in order to highlight the city's economic recovery following the collapse of its manufacturing sector in the latter half of the 20th century. In response to the Global credit crisis, a G20 summit in one year was proposed shortly after the London summit in April 2009.

2009 Icelandic financial crisis protests

The 2009 Icelandic financial crisis protests, also referred to as the Kitchenware Revolution occurred and are occurring in the wake of the Icelandic financial crisis. There had been sporadic protests since October 2008 against the Icelandic government's handling of the financial crisis. The protests intensified on 20 January 2009 with thousands of people showing up to protest at the parliament (Althing) in Reykjavik.^[1]^[2]^[3]

2009 May Day protests

The 2009 May Day protests are a series of international protests that have taken place across Europe, Asia and in the other parts of the world over the current global economic crisis. Several May Day marches, which are traditional events, have turned violent in Germany, Turkey and Venezuela as riot police battled protesters in their respective countries. Banks and shops have been attacked in Turkey.^[1]

2009 Moldova civil unrest

The 2009 civil unrest in Moldova began on April 7, 2009, in major cities of Moldova (including the capital Chişinău and Bălţi) after the results of the 2009 Moldovan parliamentary election were announced. The demonstrators claimed that the elections, which saw the governing Party of Communists of the Republic of Moldova (PCRM) win a majority of seats, were fraudulent, and variably demanded a recount, a new election, or resignation of the government. Similar demonstrations took place in other major Moldovan cities, including the country's second largest, Bălţi, where over 7,000 people protested.^{[citation needed]}

2009 Tea Party protests

The Tea Party protests are a series of nationally coordinated protests across the United States in 2009.^[1]^[2]^[3]^[4] The events are in protest of big government,^[5] President Barack Obama,^[6] the federal budget and, more specifically, the stimulus package, which the protesters argue are wasteful government spending and unnecessary government growth. They oppose the increase in the national debt as well.^[7] The protesters also objected to possible future tax increases^[3]. Protests have been held on April 15, 2009 to coincide with the annual U.S. deadline for submitting tax returns, known as Tax Day,^[6]^[8] over the weekend of July 4, 2009 to coincide with Independence Day, and on September 12, 2009.

34th G8 summit

The 34th G8 summit took place in Tōyako (洞爺湖 Tōya-ko^?, Lake Toya) on the northern island of Hokkaidō, Japan from July 7–9, 2008.^[1] The locations of previous summits to have been hosted by Japan include: Tokyo (1979, 1986, 1993); and Nago, Okinawa (2000). The G8 Summit has evolved beyond being a gathering of world political leaders. The event has become an occasion for a wide variety of non-governmental organizations, activists and civic groups to congregate and discuss a multitude of issues.^[2]

A. Michael Spence

Andrew Michael Spence (born November 7, 1943) is an American-born, Canadian-raised economist and recipient of the 2001 Nobel Prize in Economics, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University. In the current technological environment—with ever more abundant information flows about market development, prices, profit margins, investment instruments and rates of return—their work is more relevant than ever.

ACC Capital Holdings

ACC Capital Holdings (ACCCH) is a national mortgage lender based in Orange, California. The company is the largest privately held retail mortgage lender in the United States and the largest subprime lender by volume. ACCCH was owned by Roland Arnall prior to his death in March 2008.

AIG

American International Group, Inc. (AIG) (NYSE: AIG) is an American insurance corporation. Its corporate headquarters are located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London; continental Europe operations are based in La Défense, Paris, and its Asian headquarters office is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008.

AIG bonus payments controversy

The AIG bonus payments controversy began in March 2009, when it was publicly disclosed that the American International Group (AIG) was to pay approximately $218 million in bonus payments to employees of its financial services division.

APEC Peru 2008

The APEC Peru 2008 summit was the twentieth annual gather of APEC leaders. The meet was primarily a series of political-economic meetings, which were held in Peru between the 21 members of the Asia-Pacific Economic Cooperation (APEC), although business leaders of the region also met before the summit officially began. Leaders from all the member countries met from November 22 to the 23 2008 in the capital city of Lima.

APEC Singapore 2009

Singapore hosted the Asia-Pacific Economic Cooperation (APEC) meetings from February to November 2009. The APEC 2009 meetings will culminate in the APEC Economic Leaders' Meeting (AELM), where Leaders of APEC's 21 member economies will meet from 14 to 15 November 2009.

A Failure of Capitalism

A Failure of Capitalism (more fully entitled A Failure of Capitalism: The Crisis of '08 and the Descent into Depression) is a major 2009 nonfiction book by Judge Richard Posner, the most-cited legal scholar in history,^[1] among the most respected judges in the United States (as of 1999),^[2] and a major proponent of the economic analysis of law.^[3]^[4] The book is significant in Posner's criticism of President George W. Bush and his administration's policies and the response to the fiscal crisis,^[5] as well as his movement away from his past well-known advocacy of free-market capitalism.^[4] The book has been primarily noted not for his criticism of progressive government policies (which he attacks again for good measure), but rather his critique of laissez-faire capitalism and its ideologues.^[6]^[7]

Adair Turner

Jonathan Adair Turner, Baron Turner of Ecchinswell (born 5 October 1955, Ipswich) is a British businessman, academic and chair of the Financial Services Authority. He was formerly chair of the Pensions Commission. He has described himself in a BBC HARDtalk interview with Stephen Sackur as a 'technocrat'.

Adjustable-rate mortgage

An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices.^[1] Among the most common indices are the rates on 1-year constant-maturity Treasury (CMT) securities, the Cost of Funds Index (COFI), and the London Interbank Offered Rate (LIBOR). A few lenders use their own cost of funds as an index, rather than using other indices. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate (alternatively, the term of the loan may change). This is not to be confused with the graduated payment mortgage, which offers changing payment amounts but a fixed interest rate. Other forms of mortgage loan include the interest only mortgage, the fixed rate mortgage, the negative amortization mortgage, and the balloon payment mortgage. Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls and loses out if interest rates rise.

Adjustable rate mortgage

Administration (law)

Administration, as a legal concept, is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going into administration.

Alan Greenspan

Alan Greenspan (born March 6, 1926) is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC. First appointed Federal Reserve chairman by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006 after the second-longest tenure in the position.

Allco Finance Group

Allco Financial Group was a fully integrated global financial services business, listed on the Australian Stock Exchange and head-quartered in Sydney, Australia. Major services provided are structured asset finance, funds management and debt and equity funding. Allco has over AUD$4.3billion in assets, and has financed over AU$60billion of transactions. In its most visible public transaction Allco was a part of Airline Partners Australia, the consortium that unsuccessfully attempted to buy Qantas. The company is now in liquidation, after previously being in administrative receivership, following difficulties in refinancing debt and a share price fall of 99% since the beginning of the subprime mortgage crisis. ^[1]

Allen Stanford

Robert Allen Stanford (born March 24, 1950) is a prominent financier, philanthropist,^[2]^[3] and sponsor of professional sports who has been charged with fraud.^[4]^[5] Stanford is the chairman of the privately held, wholly owned Stanford Financial Group of Companies. A fifth-generation Texan who resides in St. Croix, U.S. Virgin Islands, he holds dual citizenship, being a citizen of Antigua and Barbuda and a United States citizen. Stanford was the first American to be knighted by that Commonwealth nation^[6] and was presented with the honor by the then Governor-General of Antigua and Barbuda, Sir James Carlisle.

Alliance & Leicester

Alliance & Leicester is a British bank and former building society owned by Grupo Santander. Alliance & Leicester will be rebranded as Santander by the end of 2010 in line with other subsidiaries.^[2]

Allied Irish Banks

Allied Irish Banks p.l.c. (AIB; ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB) is a major commercial bank based in Ireland. AIB is one of the so called Big Four commercial banks in Ireland. The bank has one of the largest branch networks in Ireland; only Bank of Ireland fully rivals it.^{[citation needed]} AIB offers a full range of personal and corporate banking services. AIB Capital Markets is the division of the company that offers international banking and treasury operations. It offers stockbroking services through its subsidiary Goodbody Stockbrokers. The bank also offers a range of general insurance products such as home, travel, and health insurance. It offers life assurance and pensions through its wholly owned subsidiary, Ark Life Assurance.

American Enterprise Institute

The American Enterprise Institute for Public Policy Research (AEI) is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and responsibility, vigilant and effective defense and foreign policies, political accountability, and open debate."^[1] AEI is an independent non-profit organization supported primarily by grants and contributions from foundations, corporations, and individuals. It is headquartered in Washington, D.C.

American Freedom Mortgage

American Freedom Mortgage, Inc. (AFM) was a private S Corporation incorporated on February 2, 2001, according to the Georgia Secretary of State, and headquartered in Marietta, Georgia. AFM conducted business as a multi-state direct-to-consumer correspondent lender and mortgage broker specializing in the origination of subprime and Alt-A mortgage loans. AFM also operated a wholesale mortgage lending division that originated loans via approved mortgage brokers and which used the fictitious name AFMI Funding. As a correspondent lender, AFM sold the mortgage loans on the open market to larger investors.

American Home Mortgage

American Home Mortgage Investment Corporation (Pink Sheets: AHMIQ) was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT).

American International Group

American News Project

American News Project is an English-language journalism network broadcast via the Internet. Launched in May 2008 by Nick Penniman, its aim is to collaborate with other journalists in the independent press. According to their website, their videos have received "hundreds of thousands of views on dozens of websites all over the world."^[1] The website hosts professional and citizen journalism typically outside the United States' mass media.

American Recovery and Reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009, abbreviated ARRA (Pub.L. 111-5), is an economic stimulus package enacted by the 111th United States Congress in February 2009. The Act of Congress was based largely on proposals made by President Barack Obama and was intended to provide a stimulus to the U.S. economy in the wake of the economic downturn. The Act followed other economic recovery legislation passed in the final year of the Bush presidency including the Economic Stimulus Act of 2008 and the Emergency Economic Stabilization Act of 2008 which created the Troubled Assets Relief Program (TARP).

Ameriquest

Ameriquest Mortgage

Ameriquest was one of the United States's leading wholesale lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. The bank moved to Orange County in 1991 and was converted to a pure mortgage lender in 1994, renamed Long Beach Mortgage Co. In 1997, the wholesale part of the business (funding loans made by independent brokers) was spun off as a publicly traded company. Originally founded as a subsidiary corporation under the name Ameriquest Mortgage, it was now renamed Long Beach Mortgage, while the retail part of the business was renamed Ameriquest Capital and remained private. (In 1999, Washington Mutual purchased Long Beach Mortgage.) Ameriquest Mortgage was a private company held by ACC Capital Holdings, which was owned by Roland Arnall.

Angelo Mozilo

Angelo R. Mozilo (born 1938) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008.^[1] Condé Nast Portfolio ranked Mozilo second on their list of "Worst American CEOs of All Time".^[2]

Anglo Irish Bank

Anglo Irish Bank Corporation (Irish: Banc Angla-Éireannach) is a state-owned bank based in Ireland with its headquarters in Dublin. The company mainly deals in business and commercial banking, with the result that it has only a limited retail presence in the major Irish cities. It also has wealth management and treasury divisions. Anglo-Irish has operations in Austria, Switzerland, the United Kingdom, the United States, and the Isle of Man. The company made €1.2bn in the financial year Sep. 2006–Sep. 2007. Anglo Irish Bank's heavy exposure to property lending, with most of its €72bn loan book being mainly to builders and property developers, meant that it was badly affected by the downturn in the Irish property market in 2008.^[1]

Anglo Irish Bank Corporation Act 2009

The Anglo Irish Bank Corporation Act 2009 is a piece of emergency legislation composed by the Irish government in January 2009. The Act provides for the emergency nationalisation of Anglo Irish Bank which had been subject to a controversy regarding hidden loans in December 2008. It was voted through Dáil Éireann, being approved by 79 – 67 before passing in Seanad Éireann without a vote on 20 January 2009. President Mary McAleese then signed the Anglo Irish Bank Bill at Áras an Uachtaráin on 21 January 2009.^[1] The bank's shares had decreased dramatically on the stock exchange in previous days.^[2] Anglo Irish Bank has 7,000 loan customers, of whom 5,000 are Irish.^[3]

Anglo Irish Bank hidden loans controversy

The Anglo Irish Bank hidden loans controversy began in the Republic of Ireland in December 2008 when the chairman of Anglo Irish Bank, Ireland's third largest bank, admitted he had hidden a total of €87 million in loans from the bank, triggering a series of incidents which led to the eventual nationalisation of Anglo on 21 January 2009. Sean FitzPatrick subsequently resigned his position and was followed within twenty-four hours by the bank's non-executive director, Lar Bradshaw and chief executive, David Drumm.^[1] A new chairman of Anglo, Donal O'Connor, was quickly sworn in, a move welcomed by the Republic's Minister for Finance, Brian Lenihan. A number of investigations have been launched into the reasons behind the three resignations. The Financial Regulator is carrying out a review of the bank's dealings, although the head of the Financial Regulator, Patrick Neary, has since resigned his position. So too have a number of other chairmen, directors and executives involved with Anglo, Irish Life and Permanent and Irish Nationwide.

Arena Football League

The Arena Football League (AFL) was an indoor American football league founded in 1987 by Jim Foster. It was played indoors on a smaller field than American football, resulting in a faster-paced and higher-scoring game. The sport was invented in the early 1980s and patented by Foster, a former executive of the United States Football League and the National Football League.

Arthur Nadel

On April 28, 2009, Arthur Geoffrey Nadel (born January 1, 1933) was indicted on 15 counts including six counts of securities fraud, eight counts of wire fraud and one count of mail fraud in a federal court in Manhattan. If found guilty, Nadel could be sentenced to 280 years in prison and would be required to forfeit all assets connected to the fraud.^[1]^[2]