Because of the Financial Crisis That Began in 2008, by the End

question 38

Multiple Choice

Because of the financial crisis that began in 2008, by the end of 2009:

• A)unemployment was in excess of 15 percent
• B)many homeowners owed more money on their mortgage loans than the their homes were worth
• C)home mortgage foreclosure rates and personal and business bankruptcies were rapidly declining as the recovery accelerated and strengthened
• D)over 500 banks in the U.S.had already failed with over 2,000 more being considered financially weak
• E)all of the above are true

---

Definitions:

Statutory Corporation

A corporation created by statute, typically owned by the government, to carry out specific governmental or public functions.

Oppression Remedy

Legal relief available to shareholders or members of a corporation when their rights are unfairly prejudiced or disregarded by others in power within the company.

Derivative Action

A legal mechanism allowing a shareholder to sue or take legal action on behalf of a corporation to protect the corporation's interests.

Shareholders' Agreement

A contract among a company's shareholders describing how the company should be operated and the shareholders' rights and obligations.