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        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ZURICH EX BT'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">SECURITIES AND EXCHANGE COMMISSION<br>
        <br>
        WASHINGTON, D.C. 20549</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'"><br>
        <br>
        &nbsp;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">FORM 8-K<br>
        <br>
        &nbsp;<br>
        <br>
         CURRENT REPORT PURSUANT<br>
        <br>
        TO SECTION 13 OR 15(d) OF THE<br>
        <br>
        SECURITIES EXCHANGE ACT OF 1934<br>
        <br>
        <br>
        <br>
        &nbsp;<br>
        <br>
         December 22, 2008<br>
        <br>
        Date of Report (Date of earliest event reported)<br>
        <br>
        <br>
        <br>
        </font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">FBR Capital Markets
        Corporation</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(Exact Name of Registrant as Specified
        in its Charter)<br>
        <br>
        <br>
        <br>
        &nbsp;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Virginia</font></b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(State or Other Jurisdiction of
        Incorporation)</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 1px" align="center">
        <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">001-33518&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20-5164223</font></b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 1px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(Commission File Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;(IRS Employer
        Identification No.)</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'"><br>
        <br>
        &nbsp;<br>
        <br>
         &nbsp;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">1001 Nineteenth Street North<br>
        Arlington, VA 22209</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(Address of Principal Executive Office)
        (Zip Code)<br>
        <br>
        &nbsp;</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(703) 312-9500</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">(Registrant's Telephone Number,
        Including Area Code)<br>
        <br>
         &nbsp;</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Check the appropriate box below if the
        Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions:<br>
        <br>
        &nbsp;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Written communications pursuant to Rule
        425 under the Securities Act (17 CFR 230.425)</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Soliciting material pursuant to Rule
        14a12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Pre-commencement communications
        pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Pre-commencement communications
        pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

        <p></p>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="185%" border="0">
            <tr>
                <td valign="top" width="6%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Item 5.02</font></b></p>
                </td>

                <td valign="top" width="1%">&nbsp;</td>

                <td valign="top" width="46%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Departure of Directors
                    or Certain Officers; Election of Directors; Appointment of Certain Officers;
                    Compensatory Arrangements of Certain Officers.</font></b></p>
                </td>

                <td valign="top" width="46%">&nbsp;</td>
            </tr>
        </table>
        <br>
        <br>


        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-FAMILY: 'TIMES NEW ROMAN'">On December 22, 2008, FBR Capital Markets
        Corp. (the
        &ldquo;</font><u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Company</font></u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">
        &rdquo;) announced that Eric F. Billings, its current Chief Executive Officer, will retire
        effective January 1, 2009 and will be succeeded by Richard J. Hendrix, the Company&rsquo;s
        current President and Chief Operating Officer. Mr.&nbsp;Billings will continue to serve as
        the non-executive Chairman of the Company&rsquo;s Board of Directors (the
        &ldquo;</font><u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Board</font></u>
        &rdquo;), and will continue to have ongoing active involvement in the Company&rsquo;s
        business development activities and client relationship management.<br>
       </p>
        In connection with his retirement, on December 22, 2008, the Company and Mr.&nbsp;Billings
        entered into a retirement agreement (the
        &ldquo;<font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Retirement
        Agreement</font><u></u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">&rdquo;) and a director
        service agreement (the
        &ldquo;</font><u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Director
        Agreement</font></u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">&rdquo;, together, the
        &ldquo;</font><u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Agreements</font></u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">
        &rdquo;). The Agreements are each effective as of January 1, 2009.<br>
       <br>
        In recognition of his longstanding service to the Company as one of its founders, his
        commitment to remain active on behalf of the Company as its Chairman and his critical role
        to the Company&rsquo;s future success, and based on his agreement to be subject to new
        restrictive covenants, the Retirement Agreement provides Mr.&nbsp;Billings with certain
        post-retirement benefits. The restrictive covenants generally prohibit Mr.&nbsp;Billings
        from (i) competing with the Company until the earlier of December 31, 2013 or the third
        anniversary of the date that his service with the Board terminates (the
        &ldquo;</font><u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Restricted
        Period</font></u><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">&rdquo;), (ii) soliciting the
        Company&rsquo;s customers during the Restricted Period or (iii) hiring or soliciting the
        Company&rsquo;s employees until the fifth anniversary of the date that his service with the
        Board terminates. Retirement benefits include (1) a deferred compensation arrangement that
        provides for five annual payments of $1 million starting on December 31, 2009 (subject to
        compliance with the restrictive covenants described above), (2) continued health benefits
        for five years, (3) office and secretarial support for three years (as long as
        Mr.&nbsp;Billings continues to serve on the Board) and (4) continued vesting of previous
        granted Company equity awards pursuant to their existing vesting schedule (subject to his
        compliance with the restrictive covenants described above).<br>
        <br>
        It is expected that Mr.&nbsp;Billings will continue to have active involvement in crucial
        business development and relationship management aspects of the Company&rsquo;s business,
        and will help to grow and strengthen the Company&rsquo;s current and future client
        relationships. In consideration of these efforts and to incentivize these actions, the
        Company has entered into the Director Agreement, which provides that for three years (1)
        the Company will nominate Mr.&nbsp;Billings to serve as a Board member, (2) Mr. Billings
        will receive an annual Chairman&rsquo;s fee of $400,000 and (3) Mr. Billings will also be
        eligible to receive a discretionary annual bonus. For 2009, Mr. Billings will receive a
        bonus, based on agreed-upon, activity-based performance metrics, of at least $1.5 million.
        For 2010 and 2011, there will be no minimum bonus and the annual bonus will be based on the
        Company&rsquo;s and Mr.&nbsp;Billings&rsquo; actual performance.</font>
        <br>
        <p style="MARGIN-TOP: 8pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-FAMILY: 'TIMES NEW ROMAN'">The descriptions of the terms set forth above
        are not complete and are qualified in all respects by reference to the Agreements. Copies
        of the Agreements are attached as Exhibits&nbsp;10.1 and 10.2. For additional information,
        see the press release attached hereto as Exhibit 99.1.</font></p>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="12%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Item 9.01</font></b></p>
                </td>

                <td valign="top" width="2%">&nbsp;</td>

                <td valign="top" width="85%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Financial Statements and
                    Exhibits.</font></b></p>
                </td>
            </tr>
        </table>
        <br>
        <br>


        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="103%" border="0">
            <tr>
                <td valign="top" width="16%" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <i><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Exhibit.</font></i></p>
                </td>

                <td valign="top" width="1%">&nbsp;</td>

                <td valign="top" width="79%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" width="14%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">10.1</font></p>
                </td>

                <td valign="top" width="5%" colspan="2">&nbsp;</td>

                <td valign="top" width="80%" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Retirement Agreement
                    between FBR Capital Markets Corporation and Eric F. Billings, dated December
                    22, 2008</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" width="14%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">10.2</font></p>
                </td>

                <td valign="top" width="5%" colspan="2">&nbsp;</td>

                <td valign="top" width="80%" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Director Services Agreement
                    between FBR Capital Markets Corporation and Eric F. Billings, dated December
                    22, 2008</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" width="14%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">99.1</font></p>
                </td>

                <td valign="top" width="5%" colspan="2">&nbsp;</td>

                <td valign="top" width="80%" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 11pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">FBR Capital Markets
                    Corporation Press Release, dated December 22, 2008</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>


        <p></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ZURICH EX BT'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">SIGNATURES</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
        </p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
        <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Pursuant to the requirements of the
        Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
        its behalf by the undersigned hereunto duly authorized.</font></p>

        <p></p>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="bottom" width="30%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="bottom" width="9%" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="bottom" width="39%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr style="HEIGHT: 15.3pt">
                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="bottom" width="57">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="top" width="376" colspan="4">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">FBR Capital Markets
                    Corporation</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Date:</font>
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">December</font>
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">22, 2008</font></p>
                </td>

                <td valign="bottom" width="57">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="top" width="72">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">By:</font></p>
                </td>

                <td valign="bottom" width="0%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="left">
                    &nbsp;</p>
                </td>

                <td valign="top" width="48%" colspan="1">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <u><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">/s/ Bradley J.
                    Wright</font></u></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Bradley J.
                    Wright</font></p>

                    <p style="MARGIN-TOP: 5pt; FONT-WEIGHT: bold; FONT-SIZE: 13.5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: 'ARIAL'">Executive
                    Vice President and Chief Financial Officer, FBR Capital Markets
                    Corporation</font></b></p>
                    <br>
                </td>
            </tr>

            <tr>
                <td valign="top">&nbsp;</td>

                <td valign="bottom" width="57">&nbsp;</td>

                <td valign="top" width="72">&nbsp;</td>

                <td valign="bottom" width="0%">&nbsp;</td>

                <td valign="top" width="48%" colspan="2">&nbsp;</td>
            </tr>
        </table>
        <br>
        <br>
    </body>
</html>
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{"company-data": {"conformed-name": "FBR CAPITAL MARKETS CORP", "cik": "0001371446", "assigned-sic": "6211", "irs-number": "000000000", "state-of-incorporation": "VA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33518", "film-number": "081264434"}, "business-address": {"street1": "1001 NINETEETH ST NORTH", "city": "ARLINGTON", "state": "VA", "zip": "22209", "phone": "703-312-9500"}, "mail-address": {"street1": "1001 NINETEETH ST NORTH", "city": "ARLINGTON", "state": "VA", "zip": "22209"}}
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 22, 2008
Date of Report (Date of earliest event reported)
FBR Capital Markets
        Corporation
(Exact Name of Registrant as Specified
        in its Charter)
Virginia
(State or Other Jurisdiction of
        Incorporation)
001-33518         
     20-5164223
(Commission File Number)       
  (IRS Employer
        Identification No.)
1001 Nineteenth Street North
Arlington, VA 22209
(Address of Principal Executive Office)
        (Zip Code)
(703) 312-9500
(Registrant's Telephone Number,
        Including Area Code)
Check the appropriate box below if the
        Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions:
Written communications pursuant to Rule
        425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule
        14a12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications
        pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications
        pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors
                    or Certain Officers; Election of Directors; Appointment of Certain Officers;
                    Compensatory Arrangements of Certain Officers.
On December 22, 2008, FBR Capital Markets
        Corp. (the
        "
Company
") announced that Eric F. Billings, its current Chief Executive Officer, will retire
        effective January 1, 2009 and will be succeeded by Richard J. Hendrix, the Company's
        current President and Chief Operating Officer. Mr. Billings will continue to serve as
        the non-executive Chairman of the Company's Board of Directors (the
        "
Board
"), and will continue to have ongoing active involvement in the Company's
        business development activities and client relationship management.
In connection with his retirement, on December 22, 2008, the Company and Mr. Billings
        entered into a retirement agreement (the
        "
Retirement
        Agreement
") and a director
        service agreement (the
        "
Director
        Agreement
", together, the
        "
Agreements
"). The Agreements are each effective as of January 1, 2009.
In recognition of his longstanding service to the Company as one of its founders, his
        commitment to remain active on behalf of the Company as its Chairman and his critical role
        to the Company's future success, and based on his agreement to be subject to new
        restrictive covenants, the Retirement Agreement provides Mr. Billings with certain
        post-retirement benefits. The restrictive covenants generally prohibit Mr. Billings
        from (i) competing with the Company until the earlier of December 31, 2013 or the third
        anniversary of the date that his service with the Board terminates (the
        "
Restricted
        Period
"), (ii) soliciting the
        Company's customers during the Restricted Period or (iii) hiring or soliciting the
        Company's employees until the fifth anniversary of the date that his service with the
        Board terminates. Retirement benefits include (1) a deferred compensation arrangement that
        provides for five annual payments of $1 million starting on December 31, 2009 (subject to
        compliance with the restrictive covenants described above), (2) continued health benefits
        for five years, (3) office and secretarial support for three years (as long as
        Mr. Billings continues to serve on the Board) and (4) continued vesting of previous
        granted Company equity awards pursuant to their existing vesting schedule (subject to his
        compliance with the restrictive covenants described above).
It is expected that Mr. Billings will continue to have active involvement in crucial
        business development and relationship management aspects of the Company's business,
        and will help to grow and strengthen the Company's current and future client
        relationships. In consideration of these efforts and to incentivize these actions, the
        Company has entered into the Director Agreement, which provides that for three years (1)
        the Company will nominate Mr. Billings to serve as a Board member, (2) Mr. Billings
        will receive an annual Chairman's fee of $400,000 and (3) Mr. Billings will also be
        eligible to receive a discretionary annual bonus. For 2009, Mr. Billings will receive a
        bonus, based on agreed-upon, activity-based performance metrics, of at least $1.5 million.
        For 2010 and 2011, there will be no minimum bonus and the annual bonus will be based on the
        Company's and Mr. Billings' actual performance.
The descriptions of the terms set forth above
        are not complete and are qualified in all respects by reference to the Agreements. Copies
        of the Agreements are attached as Exhibits 10.1 and 10.2. For additional information,
        see the press release attached hereto as Exhibit 99.1.
Item 9.01
Financial Statements and
                    Exhibits.
Exhibit.
10.1
Retirement Agreement
                    between FBR Capital Markets Corporation and Eric F. Billings, dated December
                    22, 2008
10.2
Director Services Agreement
                    between FBR Capital Markets Corporation and Eric F. Billings, dated December
                    22, 2008
99.1
FBR Capital Markets
                    Corporation Press Release, dated December 22, 2008
SIGNATURES
Pursuant to the requirements of the
        Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
        its behalf by the undersigned hereunto duly authorized.
FBR Capital Markets
                    Corporation
Date:
December
22, 2008
By:
/s/ Bradley J.
                    Wright
Bradley J.
                    Wright
Executive
                    Vice President and Chief Financial Officer, FBR Capital Markets
                    Corporation