Who will be next to fall?

After doing some poking around, it seems TCW has the most CDO exposure. Want to bet some of that has been offloaded into it's "high yield" bond fund, or short/long term bond funds that invest primarily in mortgage instruments?

Then again, there was a really good article on goldseek that surmised that rather than who was most exposed overall, it was how late to the game the players were that mattered most. They had the list of CDO exposure by company, and postulated that the fact that BSC jumped into the top 20 from nowhere meant they were far more exposed to the risky stuff from the last year or two. Sounds reasonable to me.