It really is unclear who's at the most risk in the current credit malaise. A lot of people are worrying about mezzanine collateralized debt obligations (CDOs)--the ones at the most risk of a blow up. The idea that Asian banks are the biggest owners has been floating around. In particular, a memo from a managing director at Haywood Capital, a Dallas hedge fund, who noted that mezzanine CDOs were designed (he was told by a Wall Street big) as a way to offload low-rated debt via high-rated vehicles to overseas investors. Dealbreaker.com has posted the memo. A recent article in Asian Investor seems to throw water on the idea that Asian banks are big owners. So who's really at risk? Lots of speculation. One guy seems to think it is the Australians. Could it be the Europeans? In any case, we know someone owns them. And they are at risk. It would not take much to wipe them out. Stay tuned.