Deutsche Bank CEO: We’re screwed, but we’re just fine

Deutsche Bank Chief Executive Officer Josef Ackermann said rating downgrades for bond insurers [and the presumed resulting collapse in prices of bonds insured by those insurers] pose risks that could match the U.S. subprime market collapse.

“It could be a tsunami-like event comparable to subprime,” Ackermann said in a Bloomberg Television interview in Frankfurt today.

Deutsche Bank, Germany’s biggest bank, is “well positioned” on its risk from bond insurers, he said.

Mmmm hmmmmmmm.

Source: Bloomberg.