The Black Box

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On CNBC’s “Closing Bell” FM contributor Jon Najarian told Dylan Ratigan he sees a catalyst out there that could lift banks [XLF 6.328 -0.562 (-8.16%) ] as much as 100% - and as soon as next week.

The catalyst involves mark-to-market accounting; which has been blamed for forcing banks to record billions of dollars in writedowns.

According to Reuters, a U.S. House Financial Services subcommittee is expected to hold a hearing on mark-to-market accounting rules as soon as March 12. The SEC's chief accountant and the chairman of the Financial Accounting Standards Board, will be asked to testify, the report said.


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