Great Recession in the Americas
North America was one of the focal points of the global, Great Recession. While Canada has managed to return its economy nearly to the levels it enjoyed prior to the recession, the United States and Mexico are still under the influence of the worldwide economic slowdown; the cost of staple items dropped in the United States as a result of the recession. The United States entered 2008 during a housing market correction, a subprime mortgage crisis and a declining dollar value. In February, 63,000 jobs were lost, a 5-year record. In September, 159,000 jobs were lost, bringing the monthly average to 84,000 per month from January to September 2008. Canada was one of the last industrialized nations to enter into a downturn. GDP growth was negative in Q1, but positive in Q2 and Q3 of 2008; the recession started in Q4. The 1-year delay of the start of the recession in Canada relative to the U. S. is explained by two factors. First, Canada has a strong banking sector not weighed-down by the same degree of consumer-related debt issues that existed in the United States.
The United States economy collapsed from within, while the Canadian economy was being hurt by its trade relationship with the United States. Second, commodity prices continued to rise through to June 2008, supporting a key component of the Canadian economy and delaying the start of recession. In early December 2008, the Bank of Canada, in announcing that it was lowering its central bank interest rate to the lowest level since 1958 declared that Canada's economy was entering in recession; the Bank of Canada has since announced. The country's unemployment rate could rise to 7.5% in the next two years, according to the latest OECD report. On July 23, 2009, the Bank of Canada declared the recession to be over in Canada. However, the true economic recovery did not begin until November 30, 2009; the Canadian economy would expand at an annualized rate of 6.1% in the first quarter of 2010, surpassing analyst expectations and marking the best growth rate since 1999. Economists had expected annualized GDP growth of 5.9% in the last quarter, up from 5% in last year's fourth quarter.
The growth in the first quarter is the third straight quarter of economic expansion in Canada, coming on the heels of three consecutive quarters of contraction. March growth came in at 0.6%, ahead of the 0.5% estimate. 215,900 new jobs have been created in the winter and early spring months of 2010 alone - in the traditional period of time where the Canadian economy is at its most stagnant. With the steps taken to create jobs in the Canadian economy, its recovery remains fragile and job cuts can still be seen in areas that specialize in manual labour. Canada was in a recession during the first two quarters of 2015 average both a decline of 0.1 percent of GDP. Despite the solid financial system of Mexico, the effects of the financial crisis originated in the United States impacted Mexico's export sector by a significant amount considering that 85% of the country's exports go to the United States. Reduced demand, the highest unemployment rate in a decade and the depreciation of the Mexican peso caused analysts to revise growth estimates from 1.8% to somewhere closer to 0% for 2008.
The recession did not show up until 2009, but the recession slowed down in 2008. The country had a positive growth of 1.5% in 2008 compared to a 3.3% in 2007, by 2009 the economy had shrunk by 6.5%, a percentage bigger than that of the 1994-1995 crisis and the largest in eight decades and registering an inflation of 3.57%Economic recovery from the historic downturn started in the late 2009 with exports rising 22.8 percent. The economic prospects for 2010 in the early 2009 were of a positive growth of 3.5 and some saw a steady recovery by the second quarter of 2010. At the end of 2010, the OECD revealed an estimated growth of 4.5 percent while the Mexican government estimated a growth of over 5 percent and the creation of 730 thousand jobs. The estimated growth for 2011 range from 3.9 to 4.8. Despite the sustained growth in 2010, it was not enough to cover up the loss of 2009; as it consists of commodity exporters, South America was not directly affected by the financial turmoil if the bond markets of Brazil, Argentina and Venezuela have been hit.
On the other hand, the continent experienced a tough agricultural crisis at the beginning of 2008. Food prices have increased a lot, due to a lack of arable land. One of the main reasons for the loss of agricultural land was the high value offered by the production of biofuels. Food prices, rising since 2002, ascended from 2006, reaching a peak during the first quarter of 2008. In one year the average price of food rose by about 50%. South American countries were affected by both the global slowdown and the decrease in food prices due to the declining demand. In June 2008, the Economic Commission for Latin America and the Caribbean declared it expected a 4% growth for 2009; however at the end of the year it predicted that the year 2009 would put an end to six years of prosperity during which Latin America has benefited from high raw materials prices. Production in the region is to decline and unemployment to increase. However, the Center for Economic and Policy Research has estimated that the region may be able to cope with the global downturn with the right macro-economic policies, as these countries no longer depend on the U.
S. economy. The table below displays all national recessions appearing in 2006-2013, according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on
South Korea the Republic of Korea, is a country in East Asia, constituting the southern part of the Korean Peninsula and lying to the east of the Asian mainland. The name Korea is derived from Goguryeo, one of the great powers in East Asia during its time, ruling most of the Korean Peninsula, parts of the Russian Far East and Inner Mongolia, under Gwanggaeto the Great. South Korea has a predominantly mountainous terrain, it comprises an estimated 51.4 million residents distributed over 100,363 km2. Its capital and largest city is Seoul, with a population of around 10 million. Archaeology indicates that the Korean Peninsula was inhabited by early humans starting from the Lower Paleolithic period; the history of Korea begins with the foundation of Gojoseon in 2333 BCE by the mythic king Dangun, but no archaeological evidence and writing was found from this period. The Gija Joseon was purportedly founded in 11th century BCE, its existence and role has been controversial in the modern era; the written historical record on Gojoseon was first mentioned in Chinese records in the early 7th century BCE.
Following the unification of the Three Kingdoms of Korea under Unified Silla in CE 668, Korea was subsequently ruled by the Goryeo dynasty and the Joseon dynasty. It was annexed by the Empire of Japan in 1910. At the end of World War II, Korea was divided into Soviet and U. S. zones of occupations. A separate election was held in the U. S. zone in 1948 which led to the creation of the Republic of Korea, while the Democratic People's Republic of Korea was established in the Soviet zone. The United Nations at the time passed a resolution declaring the ROK to be the only lawful government in Korea; the Korean War began in June 1950. The war lasted three years and involved the U. S. China, the Soviet Union and several other nations; the border between the two nations remains the most fortified in the world. Under long-time military leader Park Chung-hee, the South Korean economy grew and the country was transformed into a G-20 major economy. Military rule ended in 1987, the country is now a presidential republic consisting of 17 administrative divisions.
South Korea is a developed country and a high-income economy, with a "very high" Human Development Index, ranking 22nd in the world. The country is considered a regional power and is the world's 11th largest economy by nominal GDP and the 12th largest by PPP as of 2010. South Korea is a global leader in the industrial and technological sectors, being the world's 5th largest exporter and 8th largest importer, its export-driven economy focuses production on electronics, ships, machinery and robotics. South Korea is a member of the ASEAN Plus mechanism, the United Nations, Uniting for Consensus, G20, the WTO and OECD and is a founding member of APEC and the East Asia Summit; the name Korea derives from the name Goryeo. The name Goryeo itself was first used by the ancient kingdom of Goguryeo in the 5th century as a shortened form of its name; the 10th-century kingdom of Goryeo succeeded Goguryeo, thus inherited its name, pronounced by the visiting Persian merchants as "Korea". The modern spelling of Korea first appeared in the late 17th century in the travel writings of the Dutch East India Company's Hendrick Hamel.
Despite the coexistence of the spellings Corea and Korea in 19th century publications, some Koreans believe that Imperial Japan, around the time of the Japanese occupation, intentionally standardised the spelling on Korea, making Japan appear first alphabetically. After Goryeo was replaced by Joseon in 1392, Joseon became the official name for the entire territory, though it was not universally accepted; the new official name has its origin in the ancient country of Gojoseon. In 1897, the Joseon dynasty changed the official name of the country from Joseon to Daehan Jeguk; the name Daehan, which means "Great Han" derives from Samhan, referring to the Three Kingdoms of Korea, not the ancient confederacies in the southern Korean Peninsula. However, the name Joseon was still used by Koreans to refer to their country, though it was no longer the official name. Under Japanese rule, the two names Han and Joseon coexisted. There were several groups who fought for independence, the most notable being the Provisional Government of the Republic of Korea.
Following the surrender of Japan, in 1945, the Republic of Korea was adopted as the legal English name for the new country. Since the government only controlled the southern part of the Korean Peninsula, the informal term South Korea was coined, becoming common in the Western world. While South Koreans use Han to refer to the entire country, North Koreans and ethnic Koreans living in China and Japan use the term Joseon as the name of the country; the Korean name "Daehan Minguk" is sometimes used by South Koreans as a metonym to refer to the Korean ethnicity as a whole, rather than just the South Korean state. The history of Korea begins with the founding of Joseon in 2333 BCE by Dangun, according to Korea's foundation mythology. Gojoseon expanded until it controlled parts of Manchuria. Gija Joseon was purportedly founded in the 12th century BC, but its existence and role have been controversial in the modern era. In 108 BCE, the Han dynasty defeated Wiman Joseon and installed four commanderies in the n
United States housing market correction
United States housing prices experienced a major market correction after the housing bubble that peaked in early 2006. Prices of real estate adjusted downwards in late 2006, causing a loss of market liquidity and subprime defaultsA real estate bubble is a type of economic bubble that occurs periodically in local, national or global real estate markets. A housing bubble is characterized by rapid and sustained increases in the price of real property, such as housing' due to some combination of over-confidence and emotion, the synthetic offloading of risk using mortgage-backed securities, the ability to repackage conforming debt via government-sponsored enterprises and central bank policy availability of credit, speculation. Housing bubbles tend to distort valuations upward relative to historic and statistical norms as described by economists Karl Case and Robert Shiller in their book, Irrational Exuberance; as early as 2003 Shiller questioned whether or not there was, "a bubble in the housing market" that might in the near future correct.
Based on the historic trends in valuations of U. S. housing, many economists and business writers predicted a market correction, ranging from a few percentage points, to 50% or more from peak values in some markets, although this cooling did not affect all areas of the United States, some warned that the correction could and would be "nasty" and "severe". Chief economist Mark Zandi of the research firm Moody's Economy.com predicted a crash of double-digit depreciation in some U. S. cities by 2007–2009. Dean Baker of the Center for Economic and Policy Research was the first economist to identify the housing bubble, in a report in the summer of 2002. Investor Peter Schiff acquired fame in a series of TV appearances where he opposed a multitude of financial experts and claimed that a bust was to come; the housing bubble was subsidized by government-sponsored entities like Fannie Mae and Freddie Mac and federal policies intended to make housing affordable for all. The booming housing market halted abruptly in many parts of the United States in late summer of 2005, as of summer 2006, several markets faced the issues of ballooning inventories, falling prices, reduced sales volumes.
In August 2006, Barron's magazine warned, "a housing crisis approaches", noted that the median price of new homes dropped 3% since January 2006, that new-home inventories hit a record in April and remained near all-time highs, that existing-home inventories were 39% higher than they were just one year earlier, that sales were down more than 10%, predicted that "the national median price of housing will fall by close to 30% in the next three years... simple reversion to the mean."Fortune magazine labeled many strong housing markets as "Dead Zones". Fortune dispelled "four myths about the future of home prices". In Boston, year-over-year prices dropped, sales fell, inventory increased, foreclosures were up, the correction in Massachusetts was called a "hard landing"; the booming housing markets in Washington, D. C. San Diego, Phoenix and other cities stalled as well; the Arizona Regional Multiple Listing Service showed that in summer 2006, the for-sale housing inventory in Phoenix hads grown to over 50,000 homes, of which nearly half were vacant.
Several home builders revised their forecasts downward during the summer of 2006, e.g. D. R. Horton cut its yearly earnings forecast by one-third in July 2006, the value of luxury home builder Toll Brothers' stock fell 50% between August 2005 and August 2006, the Dow Jones U. S. Home Construction Index was down over 40% as of mid-August 2006. CEO Robert Toll of Toll Brothers explained, "builders that built speculative homes are trying to move them by offering large incentives and discounts. Homebuilder Kara Homes announced on 13 September 2006 the "two most profitable quarters in the history of our company", yet the company filed for bankruptcy protection less than one month on 6 October. Six months on 10 April 2007, Kara Homes sold unfinished developments, causing prospective buyers from the previous year to lose deposits, some of whom put down more than $100,000; as the housing market began to soften from winter 2005 through summer 2006, NAR chief economist David Lereah predicted a "soft landing" for the market.
However, based on unprecedented rises in inventory and a slowing market throughout 2006, Leslie Appleton-Young, the chief economist of the California Association of Realtors, said that she was not comfortable with the mild term "soft landing" to describe what was happening in California's real estate market. The Financial Times warned of the impact on the U. S. economy of the "hard edge" in the "soft landing" scenario, saying "A slowdown in these red-hot markets is inevitable. It may be gentle, but it is impossible to rule out a collapse of sentiment and of prices.... If housing wealth stops rising... the effect on the world's economy could be depressing indeed". "It would be difficult to characterize the position of home builders as other than in a hard landing", said Robert I. Toll, CEO of Toll Brothers. Angelo Mozilo, CEO of Countrywide Financial, said "I've never seen a soft-landing in 53 years, so we have a ways to go before this levels out. I have to prepare the company for the worst that can happen."
Following these reports, Lereah admitted that "he expects home prices to come down 5% nationally", said that some cities in Florida and California could have "hard landings."National home sales and prices both fell again in March 2007 according to NAR data, wit
Mexico the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States. Covering 2,000,000 square kilometres, the nation is the fifth largest country in the Americas by total area and the 13th largest independent state in the world. With an estimated population of over 120 million people, the country is the eleventh most populous state and the most populous Spanish-speaking state in the world, while being the second most populous nation in Latin America after Brazil. Mexico is a federation comprising 31 states and Mexico City, a special federal entity, the capital city and its most populous city. Other metropolises in the state include Guadalajara, Puebla, Tijuana and León. Pre-Columbian Mexico dates to about 8000 BC and is identified as one of five cradles of civilization and was home to many advanced Mesoamerican civilizations such as the Olmec, Teotihuacan, Zapotec and Aztec before first contact with Europeans. In 1521, the Spanish Empire conquered and colonized the territory from its politically powerful base in Mexico-Tenochtitlan, administered as the viceroyalty of New Spain.
Three centuries the territory became a nation state following its recognition in 1821 after the Mexican War of Independence. The post-independence period was tumultuous, characterized by economic inequality and many contrasting political changes; the Mexican–American War led to a territorial cession of the extant northern territories to the United States. The Pastry War, the Franco-Mexican War, a civil war, two empires, the Porfiriato occurred in the 19th century; the Porfiriato was ended by the start of the Mexican Revolution in 1910, which culminated with the promulgation of the 1917 Constitution and the emergence of the country's current political system as a federal, democratic republic. Mexico has the 11th largest by purchasing power parity; the Mexican economy is linked to those of its 1994 North American Free Trade Agreement partners the United States. In 1994, Mexico became the first Latin American member of the Organisation for Economic Co-operation and Development, it is classified as an upper-middle income country by the World Bank and a newly industrialized country by several analysts.
The country is considered both a regional power and a middle power, is identified as an emerging global power. Due to its rich culture and history, Mexico ranks first in the Americas and seventh in the world for number of UNESCO World Heritage Sites. Mexico is an ecologically megadiverse country, ranking fourth in the world for its biodiversity. Mexico receives a huge number of tourists every year: in 2018, it was the sixth most-visited country in the world, with 39 million international arrivals. Mexico is a member of the United Nations, the World Trade Organization, the G8+5, the G20, the Uniting for Consensus group of the UN, the Pacific Alliance trade bloc. Mēxihco is the Nahuatl term for the heartland of the Aztec Empire, namely the Valley of Mexico and surrounding territories, with its people being known as the Mexica, it is believed to be a toponym for the valley which became the primary ethnonym for the Aztec Triple Alliance as a result, although it could have been the other way around.
In the colonial era, back when Mexico was called New Spain this territory became the Intendency of Mexico and after New Spain achieved independence from the Spanish Empire it came to be known as the State of Mexico with the new country being named after its capital: the City of Mexico, which itself was founded in 1524 on top of the ancient Mexica capital of Mexico-Tenochtitlan. Traditionally, the name Tenochtitlan was thought to come from Nahuatl tetl and nōchtli and is thought to mean "Among the prickly pears rocks". However, one attestation in the late 16th-century manuscript known as "the Bancroft dialogues" suggests the second vowel was short, so that the true etymology remains uncertain; the suffix -co is the Nahuatl locative, making the word a place name. Beyond that, the etymology is uncertain, it has been suggested that it is derived from Mextli or Mēxihtli, a secret name for the god of war and patron of the Mexica, Huitzilopochtli, in which case Mēxihco means "place where Huitzilopochtli lives".
Another hypothesis suggests that Mēxihco derives from a portmanteau of the Nahuatl words for "moon" and navel. This meaning might refer to Tenochtitlan's position in the middle of Lake Texcoco; the system of interconnected lakes, of which Texcoco formed the center, had the form of a rabbit, which the Mesoamericans pareidolically associated with the moon rabbit. Still another hypothesis suggests that the word is derived from Mēctli, the name of the goddess of maguey; the name of the city-state was transliterated to Spanish as México with the phonetic value of the letter x in Medieval Spanish, which represented the voiceless postalveolar fricative. This sound, as well as the voiced postalveolar fricative, represented by a j, evolved into a voiceless velar fricative during the 16th century; this led to the use of the variant Méjico in many publications in Spanish, most notably in Spain, whereas in Mexico and most other Spanish–speaking countries, México was the preferred spelling. In recent years, the Real Academia Española, which regulates the Spanish l
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Anglo Irish Bank hidden loans controversy
The Anglo Irish Bank hidden loans controversy began in Dublin in December 2008 when Seán FitzPatrick, the chairman of Anglo Irish 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. 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. A new chairman of Anglo, Donal O'Connor, was appointed from the board, a move welcomed by the Irish Minister for Finance, Brian Lenihan. A number of investigations have been launched into the reasons behind the three resignations; the Central Bank of Ireland is carrying out a review of the bank's dealings, although its Financial Regulator, Patrick Neary, has since resigned his position. So too did a number of other chairmen and executives involved with Anglo, Irish Life and Permanent and Irish Nationwide. Within days of the initial admission, an announcement was made that Anglo Irish Bank would be one of three that would be recapitalised by the Irish government.
The recapitalisation of Anglo Irish Bank was expected to be effected in mid-January 2009, following an Extraordinary General Meeting. Lenihan instead unexpectedly announced the nationalisation of Anglo Irish Bank the night before the EGM due to difficulties he encountered with the recapitalisation process. Recapitalisations of the other two banks mentioned were expected by the end of March 2009 but, according to Taoiseach Brian Cowen, were expected to be finalised in early February 2009 at a total of €7 billion; the nationalisation of Anglo Irish Bank on 21 January 2009 followed two more resignations earlier that month. On 7 January 2009, another director, Willie McAteer, becoming the fourth casualty of the controversy. Two days the Financial Regulator Patrick Neary retired amidst much criticism over his handling of the affair. After the nationalisation, the Chairman of Irish Nationwide, Dr Michael Walsh, resigned on 17 February, one week to the day that government-appointed directors announced they were investigating a deposit of billions of euro by Irish Life and Permanent, placed in Anglo Irish Bank before the end of its financial year.
Taoiseach Brian Cowen denied claims that he was protecting a "Golden Circle" of wealthy financiers from being identified. This mysterious group of ten businessmen is said to have received loans from Anglo Irish Bank in return for buying shares, in a move designed to keep the bank afloat. Starting in 1986, Seán "Seanie" FitzPatrick spent eighteen years as chief executive of Anglo Irish Bank, during which time the bank grew from a small operator into the third-largest bank in Ireland; when he became the bank's chairman in 2005, handing over the position of chief executive to David Drumm, the bank was recording annual profits of over €500 million. The Anglo share price peaked at € 17.60 an increase from under € 1 ten years previously. Anglo was valued at nearly €13 billion and FitzPatrick's 4.5 million Anglo shares were worth nearly €80 million at this time. Prior to FitzPatrick's resignation, the Anglo share price had dropped to €0.32, a drop of 98% with the entire bank valued at a low €242 million and FitzPatrick's stake reduced to €1.5 million.
The Financial Regulator first uncovered the €87 million loans in January 2008 when inspectors from the regulator's offices carried out an inspection into the loan book of rival lender, Irish Nationwide Building Society. The inspectors noticed that a large loan was provided to FitzPatrick at Anglo Irish Bank and repaid; the Regulator discovered at a date that similar loans were provided to FitzPatrick in September 2008 and repaid by him in October 2008. When the issue was raised with Anglo Irish Bank it was discovered that there were further loans between the two banks over an extended period of eight years, it is uncertain. Every Anglo annual report contained a note displaying the total loans given to directors of the bank; this total was measured at a single point in time. In the case of Anglo this occurred on 30 September. FitzPatrick, instead of revealing the true figures of his loans, transferred some of them to Irish Nationwide Building Society, returning them to Anglo at a date, he acted in a manner.
Financial authorities investigated. The Chief Executive of the Financial Regulator said that "a lay person would expect that issues of this nature and this magnitude would have been picked up" by the external auditors, Ernst & Young. After receiving legal advice Ernst & Young declined to appear before a parliamentary committee; this in turn led to inaccurate figures for the total directors' loans given for eight consecutive years in the end of year Anglo accounts. 2008 was the first occasion on which FitzPatrick revealed his true figure, that of €87 million or twice the total of the other twelve directors' loan figures. The situation was described as Ireland's version of Enron, the American energy company which went bankrupt in 2001, it was said that the principals would have been arrested if this had occurred in the United States. FitzPatrick issued a statement on the evening of 18 December 2008, linking his resignation with a €87 million loan he had from the bank. Ireland's Minister for Finance, Brian Lenihan welcomed the appointment of a new chairman, Donal O'Connor, an official with a substantial commercial track record, saying he "seems a natural choice" for the role.
Tysons known as Tysons Corner, is a census-designated place and unincorporated community in Fairfax County, United States. Located in Northern Virginia between the community of McLean and the town of Vienna along the Capital Beltway, it lies within the Washington Metropolitan Area. Tysons is home to two super-regional shopping malls—Tysons Corner Center and Tysons Galleria—and the corporate headquarters of numerous companies such as Intelsat, DXC Technology, Hilton Worldwide, Freddie Mac, Capital One, Booz Allen Hamilton. Tysons is a regional commercial center, it has been characterized as a quintessential example of an edge city. The population was 19,627 as of the 2010 census. Known as Peach Grove, the area received the designation Tysons Crossroads after the Civil War. William Tyson, a Maryland native from Cecil County, purchased a tract of land from A. Lawrence Foster. Tyson served as postmaster of the now discontinued Peach Grove Post Office from 1854–1866; the Peach Grove Post Office was established on April 22, 1851.
As as the 1950s, Tysons Corner was a quiet rural intersection flanked by a few small stores, a fruit stand operated by Mr. Tyson, who sold apples and apple cider from the corner of his property. Big changes came in 1963 when the Tysons area moved from a country crossroads to a giant commercial urban area with the awarding of contracts at the interchange of Route 7 and Route 123. In 1962, the Fairfax County Board of Supervisors approved the Tysons Corner Shopping Center, planned to be 88.13 acres within a 150 acres triangle bordered by Chain Bridge Road, Leesburg Pike, the Capital Beltway. Developers proclaimed it as the largest enclosed mall in the world when it opened July 25, 1968. In recent years, the influx of technology companies into Northern Virginia has brought many new office buildings and hotels to the landscape; the rapid growth of Tysons Corner has been the topic of numerous studies. One factor was the aggressive promotion of Tysons Corner by Earle Williams, for many years the CEO of the defense contracting firm Braddock Dunn & McDonald.
Tysons Corner serves as a "downtown" of Fairfax County, with one quarter of all office space and one eighth of all retail in the county. It is an auto-oriented edge city with severe traffic congestion, it faces competition from the urban areas of Arlington and newer suburban edge cities such as Dulles. In 2008, the Fairfax County Board of Supervisors unanimously voted to begin a 40-year plan to urbanize Tysons Corner around the coming four stops of Washington Metro's Silver Line in the vein of neighboring Arlington County's Rosslyn-Ballston corridor. A preliminary estimate from the Fairfax County Department of Transportation suggested that $7.83 billion in transportation infrastructure projects will be necessary to transform Tysons Corner into a high-density urban center from 2010 to 2050, most of which will be allocated to both construction phases of the Silver Line. Existing plans call for construction of a grid layout for streets around the rail stations, projected to cost $742 million.
An additional $1 billion will be spent on further transit and street grid projects from 2030 to 2050. In November 2012, the county approved Arbor Row, a 2,500,000 ft mixed-used development containing office and residential highrises, ground-floor retail, underground parking near the pending Tysons Corner Station. In April 2013, the county approved Scotts Run Station South, a 6,700,000 ft development containing 17 buildings, including six office and residential buildings, one hotel, ground-floor retail near the pending McLean Station; this development alone will be larger than Reston Town Center. Ahead of the Washington Metro Silver Line opening in mid-2014, the Fairfax County Board of Supervisors and the Tysons Partnership, a nonprofit association that represents the area's stakeholders, began rebranding the area as "Tysons", dropping "Corner" from the name; the change started as a matter of convenience, but took hold to market the change in the area's character, according to members of the board.
The change was unofficial at the time, either "Tysons" or "Tysons Corner" could be used in addresses. However, in November 2015, the U. S. Census Bureau announced the CDP's name would be changed to Tysons effective the following summer. Tysons Corner is located at 38°55′7″N 77°13′47″W at an elevation of 486 feet. Located in Northern Virginia at the intersection of Virginia State Route 123 and State Route 7, Tysons Corner is 11 miles west of downtown Washington, D. C. and 6 miles northeast of Fairfax, the county seat. The community lies in the Piedmont upland 3.7 miles south-southwest of the Potomac River. The highest natural point in Fairfax County, at 520 feet above sea level, is located in Tysons Corner. Wolftrap Creek, a tributary of nearby Difficult Run, forms the northwestern border of the community. Two of the creek's tributaries, Moomac Creek and the Old Courthouse Spring Branch, flow north through northwest Tysons Corner. Scott Run, a tributary of the Potomac, flows north through eastern Tysons Corner.
According to the United States Census Bureau, the community has a total area of 4.27 square miles of which 4.26 square miles is land and 0.01 square miles is water. As a suburb of Washington, D. C. Tysons Corner is a part of both the Washington Metropolitan Area and the larger Baltimore-Washington Metropolitan Area, it is bordered on all sides by other Washington suburbs, including: McLean to the north, Pimmit Hills to the