Many news reports about the current global credit crisis and its large, institutional victims have compared it to a hurricane. But several Wharton professors suggest that the better analogy might be an ill-constructed levee, filled to the brim with bad debt and breaching under the pressure of massive over-leveraging. Despite government rescues of Fannie Mae, Freddie Mac and insurance giant AIG over a 10-day period that may change the world of finance, the flood of bad debt will not subside anytime soon, according to four Wharton professors who took part in a panel this week on the still-unfolding financial crisis. Indeed, Washington Mutual is said to be seeking a buyer after writing down almost $15 billion in assets and watching its market capitalization tumble from $31 billion in October 2007 to just under $3 billion as of September 12, according to a report in the New York Times .…