Suprime Squeak Piggy Squeak (TM)

This game is about guessing which financial institution turns out to be holding lots and lots of bonds backed by subprime mortgages. There are, by some accounts, over 700 billion dollars worth out there (maybe more). Everyone knows where these mortgages come from, but after spinning the wheel of the markets, nobody knows where they are now.

To win, you must not fall for unfounded rumors and look for valuable clues.

Today's squeaker is BNP Paribas's . France's largest bank by market value is certainly not your usual suspect, but it hasn't been the first European victim.

I won't hazard a specific guess at this time, but the next victim is likely to come from a yield-hungry environment with a checkered history of risk control, such as, say, Japan. Oink!