As investors get their hands dirty with this company, more will come out about its ownership structure in China to get a sense of the relative risks involved with the holding company structure.

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The carrousel structure remains, tinged with the risks of a more treacherous age: A meets B, B meets C, and so on.

NEWYORKER: Chain of Desire

What is genuinely new in all this is not so much the idea of bundling risks, but the idea that transferring them changes the firm's structure and cost of capital.

ECONOMIST: Corporate finance

By micro-managing the structure of the wireless industry, the commission tasked with overseeing the communications industry risks making the wrong call.

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CDO, however, and in a credit squeeze they fall together, by virtue of being in the same murky structure, as investors rush for the exit or seek to hedge their risks.

ECONOMIST: Securitisation