FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PASSPORT MANAGEMENT LLC 		2. Issuer Name and Ticker or Trading Symbol

FBR CAPITAL MARKETS CORP [ FBCM ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O PASSPORT MANAGEMENT, LLC, 30 HOTALING PLACE, STE. 300 		3. Date of Earliest Transaction (MM/DD/YYYY)

8/28/2008
(Street)

SAN FRANCISCO, CA 94111
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common stock   8/28/2008   9/3/2008   S    42300   D $5.0844   6710204   I   See Footnotes   (1) (2) (3)
Common stock   8/29/2008   9/4/2008   S    19237   D $5.0036   6690967   I   See Footnotes   (1) (2) (3)
Common stock   9/2/2008   9/5/2008   S    29731   D $4.8065   6661236   I   See Footnotes   (1) (2) (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  The securities beneficially owned following the reported transactions are held for the account of Passport Global Master Fund SPC Ltd for and on behalf of portfolio A - global strategy (6,601,904 common shares) a British Virgin Islands segregated portfolio company and Partners Group Alternative Strategies PCC Limited Gold Iota Cell (59,332 shares) a Guernsey protected cell company ("Fund I" and "Fund II" respectively, and together the "Funds").
( 2)  Passport Management, LLC, a Delaware limited liability company ("Passport Management") is the investment manager to the Funds. Passport Capital, LLC, a Delaware limited liability company ("Passport Capital") is the managing member of Passport Management. John H. Burbank III, a natural person ("Burbank"), is the sole managing member of Passport Capital. As a result, each of Passport Management, Passport Capital and Burbank may be considered to indirectly beneficially own the securities directly beneficially owned by Fund I and Fund II.
( 3)  Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the "Act"), Mr. Burbank is deemed to be a beneficial owner of the shares beneficially owned by Fund I or Fund II only to the extent of the greater of his respective direct or indirect interest in the profits or capital account of such Funds. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that Mr. Burbank is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities owned by the Funds in excess of such amount.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
PASSPORT MANAGEMENT LLC
C/O PASSPORT MANAGEMENT, LLC
30 HOTALING PLACE, STE. 300
SAN FRANCISCO, CA 94111
X

Passport Global Master Fund SPC Ltd
C/O PASSPORT MANAGEMENT, LLC
30 HOTALING PLACE, STE. 300
SAN FRANCISCO, CA 94111
X

Partners Group Alternative Strategies PCC Ltd Gold Iota Cell
C/O PASSPORT MANAGEMENT, LLC
30 HOTALING PLACE, STE. 300
SAN FRANCISCO, CA 94111
X

Passport Capital, LLC
C/O PASSPORT MANAGEMENT, LLC
30 HOTALING PLACE, STE. 300
SAN FRANCISCO, CA 94111
X

Burbank John Howard III
C/O PASSPORT MANAGEMENT, LLC
30 HOTALING PLACE, STE. 300
SAN FRANCISCO, CA 94111
X


Signatures
/s/ JOHN H BURBANK III 9/3/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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