Dec. 15 (Bloomberg) -- Most European banks would be insolvent if their assets had to be marked to market value like hedge funds, according to Michael Platt, co-founder of Geneva- BlueCrest Capital Management Ltd.

Platt said he’s “radically concerned” about counterparty risk, and that the outlook for 2012 is “only going to get worse.” He spoke in an interview on Bloomberg Television.

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net