Help! What is the stuff on my catalytic converter (see pics)?
 

I just discovered today some white powder stuff on my catalytic converters, on both of them. Has anyone seen something like this on the Boxster? Please don't tell me this is something major!!! Please advise.

http://farm2.static.flickr.com/1113/...1f8bb8f22c.jpg

http://farm2.static.flickr.com/1308/...c4a5128e51.jpg

Any Idea?
 

Any idea? anyone?

The area is so centralized I am not sure what to think. Anything decaying the catalytic converter would pool on the bottom. Because it is on the side it is hard to know. Does it rub of? It could paint or something similar.