I received an email from a subscriber last week, asking, “What do you think about the banking sector after the M2M has been approved? Should I get some like BAC, WFC, UBS? ” M2M, for the record, stands for mark-to-market, the accounting practice of valuing an institution’s assets at the price the market would pay today. Critics of the practice say mark-to-market accounting is partly responsible for the past year’s market crash, and argue that institutions should be allowed to value their assets at prices they believe can be realized in a “rational market.” In fact, Representative Steve Cohen,...