The Cause of Dow Selloff Unknown: Rep. Kanjorski


The cause of the Dow's near 10 percent fall last Thursday remains unknown, Rep. Paul Kanjorski, (D-PA), a senior member of the Financial Services Committee told CNBC on Tuesday.

'Flash Crash' Hearing

“I don’t want to create panic or fright, but it could be anywhere from a cyber attack to an alien invasion to just stupid programming,” Kanjorski said on the day his committee begins a hearing into the reason for the selloff.

As for the rift that emerged between the NASDAQ and the NYSE over the root of the 1,000-point drop, Kanjorski said it’s important for both exchanges to use the same rules.

“You can’t have a soccer referee and a football referee on the same field,” he said. “It’s going to be a tough game.”