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LIVE WEBINARHow To Kick-Start Your Career Are You Dead-Ended at Your Current Commercial Real Estate Position? Looking to Make a Switch Or Simply Move up in Your Present Firm? How Do You Increase Your Value in This Industry? Wednesday, September 24, 2008, 12:30 PM EDT. Cost: $85. REGISTER NOW > Gray Sunday

What a ride we had behind the scenes on Wall Street over the weekend. As I watched CNBC on Sunday evening, the stunning news unfolded in real time that Lehman Bros. threw in the towel and is filing for bankruptcy to prepare for an orderly liquidation, while Merrill Lynch’s board agreed to be acquired by Bank of America. At the same time, AIG publicly announced that they needed to raise $50 billion to avoid a ratings downgrade–an event that could have graver consequences than the faltering investment banks. This is the greatest realignment of the financial system ever, and, clearly, we’re in an increasingly precarious situation that rivals nothing that I have ever seen in the 35 years of my career. Translating this to the impact on real estate–aside from the likelihood that a lot of office space will be going dark in Manhattan–the major story is on the real estate banking front, where the effect on professionals at all levels will be profound. We are ending up with a totally reorganized industry with dramatically fewer chairs to fill and with a few thousand careers seriously derailed. Worse yet, the pipeline of young talent into our industry is going to be severely reduced, because real estate banking was the number one attraction. Let’s hope the last of the big shoes dropped over the weekend.

Job Opportunities
SELECTLEADERS Senior Vice President, Acquisition and Development(EAST) A top resort and residential builder seeks a Senior VP to manage an integrated regional model to maximize the performance of a $1 billion pipeline of projects

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