Stupid CDS Thingys

AIG's Speculative CDOs in Perspective

So if I understand this correctly, AIG by the authors admission has the most risk due to their high percentage of synthetic collateral. MBIA only had certain CDO's that were synthetic (reducing their risk when compared to AIG) and Ambac had limited the percentage of synthetic collateral in their CDO (also reducing their risk compared to AIG) yet the author is long on the riskiest company and has reduced his positions in the two companies that took steps to reduce their risk? Am I missing something?