For more on the financial crisis, check outGlobeSt.com's Webinar, "Wall Street In a Freefall—TheWinners and Losers."
MIAMI-As banks watch a historic moment in the American financialsystem unfold, commercial real estate assets are being auctionedoff in order to avoid fall out. Last week companies like WachoviaCorp. were looking to liquidate assets, but now that Wachoviahas merged with New York City-based Citigroup Inc., alleyes are scanning for the next big bank move.
Ohio-based National City Corp. also looked to liquidate assetslast week, and today was down 57% on the New York Stock Exchange."There are a number of regional banks which may need help, eitherbecause of the weakening mortgage market or simply because of theweakening economy," Michael Sheldon, chief market strategist, RDMFinancial Group, told Reuters Monday.
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