European Banks Frantically Trying To Dump $7 Trillion Of Crap Assets (But No One’s Buying)

The balance sheets of European banks are piled high with legacy assets -- mortgages, real-estate, and other loans--that are tying up precious capital and constricting the banks' ability to make new, more productive loans BusinessInsider’s Henry Blodget writes.

At the same time, the banks' traditional sources of funding--other banks and institutional investors--have begun drying up as the European crisis intensifies.
This leaves the banks desperately needing to raise cash to survive.
The first plan was to sell off the crap assets, but…..

Read more at http://www.businessinsider.com/european-banks-frantically-trying-to-dump-7-trillion-of-crap-assets-but-no-one-will-buy-them-2011-11