The line of incompetent CEO beggers is getting longer by the day.  The Wall Street Journal reported this morning that big commercial developers are now banging on the government’s door, waiting for new taxpayer funded bailouts of their ailing industry.  The developers are naturally blaming the credit crisis instead of their own greed, short sighted thinking, and overbuilding of underrented and unsold properties.

They’re warning policymakers that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years — with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off.

…As part of their begging lobbying efforts, some industry representatives have asked lawmakers to explore the idea of setting up a separate program aimed at boosting lending to commercial real estate only….Among those who have been active in the begging lobbying effort:  William Rudin, whose family is a large Manhattan office-building owner, Stephen Ross, chief executive of The Related Cos Cos., a major U.S. developer, and Steven Roth, chief executive of office and retail landlord Vornado Realty Trust.

Surprisingly, the Wall Street Journal left out several key people and groups that are sweating bullets from their own commercial property refinancing difficulties.  Take the MGM Mirage suite of casino hotels, and now a major overbuilder of unsold and overpriced condos in Las Vegas.  The online casino sphere publication recently stated “MGM Mirage was singled out as a company in jeopardy. Even though it recently sold off a major asset in the Treasure Island Casino, refinancing of current debt may swallow its new liquidity whole.”

MGM may not have been explicitly listed in the Wall Street Journal article, but you can be sure that they will quickly sign their name to any new bailout begging attempts.