George Washington’s Blog 
Saurday, Nov 15, 2008
According to the Financial Times :
“[There is a] New wave of CDOs at risk of default .
Synthetic CDOs, the risky and complex debt products that are based on pools of corporate credit derivatives, are under increasing pressure after suffering a wave of default-related losses on top of general credit market deterioration.”
See also this article from Bloomberg .
Rising CDO defaults could very well lead to massive new CDS problems, sparking off another round of company failures.