Veteran investor Howard Marks has warned that cracks unearthed in the credit market demonstrate investor "complacency" and "carelessness" — but stopped short of calling the turmoil a broader systemic problem.

In his latest memo to clients, the co-founder and co-chairman of Oaktree Capital Management discussed the high-profile bankruptcies of U.S. car parts supplier First Brands and subprime auto lender Tricolor.

Marks also highlighted problems at Zions Bancorp, Western Alliance, Broadband Telecom and Bridgevoice, and the role played by complex lending arrangements.

Following the First Brands and Tricolor collapses, JPMorgan CEO Jamie Dimon warned that "when you see one cockroach, there are probably more."

Marks, however, does not view the troubles as evidence of a broader syste

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