next wave of the Great Unwind: bad loans.

Josef Ackerman, CEO of Deutsche Bank AG, says foresees the next wave of the Great Unwind: bad loans. From Bloomberg:

“This crisis has consisted of a series of earthquakes, with changing epicenters,” Ackermann said late yesterday at an event in Zurich. “Bad loans are the next wave. Banks that have fared relatively well so far will also be affected by this.”