Michael Platt, the founder of the $30bn hedge fund BlueCrest Capital Management LLP, thinks most of the banks in Europe are insolvent and the situation will worsen in 2012 as the regionâ??s debt crisis accelerates.
In an interview with Bloomberg he said that he is currently trying to avoid any exposure to banks. In his opinion most lenders in Europe would be proven insolvent if they had to mark their books to markets every day in the same way hedge funds do.
