swingset and overlooking the great view of the backyard. >> sean, who was born on may 25, 2000, was david goldman and bruna bianci's first and only child. and they made a picture-perfect family. >> all three of them were beautiful. it looked like a fairy tale. >> david, who had been an international model, so loved being a dad, he stopped traveling in order to spend more time at home with sean. what did you guys do together? >> what didn't we do together? we did everything, everything that a father and son could do and then some. >> the pair forged a tight bond and david affectionately dubbed his son his little buddy. sean still vividly remembers their adventures canoeing on the river behind their house. >> you know cattails, it looks like cattails, but it's not, and it's this trail of water that goes in between it, and we used to call it the dinosaur trail and i remember we got lost in it, and this blue bird led us out of the trail. >> you remember that? you had to be 3 or 4. >> i know, it's just weird. >> you were a happy kid. >> yes. >> and you have good memories of that? >> yeah. >> what are

. >> won wall street tonight a major change on goldman sachs. davidier a 32 year veteran at goldman will join the board. currently co head of the securities division. >> thank you very much. coming up next a warning. if obama is granted a second term. there is a regular term. [ male announcer ] when a major hospital wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ...forbusiness.com. [ yawning sound ] president obama: i'm barack obama and i approve... this message. anncr: he keeps saying it... mitt romney: this president cannot tell us that you're... better off today than when he took office. anncr: well... here's where we were in 2008... tv anncr: the worst financial collapse... since the great depression... tv anncr: american workers were laid off in numbers not seen... in over three decades. anncr: and here's where we are today... thirty months of priva

david: stocks, goldman sachs in particular, talking about what happened to banking stocks generally

the headline, david vinyer, long-time cfo at goldman sachs retiring. he'll join the board. harvey schwartz will become the cfo as of january 2013. there is a conference call going to take place at 5:00 p.m. mr. vinyer and mr. schwartz will both be on that one. >> as that news is coming out, we see the stock moving lower. >> it did move lower. it's off the lows now. i don't know if that's an immediate reaction to say what kind of executive change is coming. >> coincidence or not, exactly. >> keep it here. >> we have much more ahead on this jam-packed tuesday edition of the "closing bell." >>> coming up, hitting the fannie. the mortgage giant overpays for assets. is the organization reverting to bad business practices? >>> plus, putting it to a vote. chicago teachers decide whether to go back to work. we'll bring you the very latest from the windy city. >>> and cliff notes. the house ways and means committee tackles the fiscal cliff. can anything be resolved before election day? that's all coming up on the "closing bell." >>> big news out of a widely held stock. microsoft inc

. >> david fitter retiring from goldman

goldman sachs, longtime cfo david veneer is retiring at the end of january. he has been the finance chief since it went public in 1999. he's being replaced by harvey schwartz, who will not only be responsible for the company's finances. that that is a significant underperformance. >> can we say that he voluntarily walked the plank? >> yes. >> he voluntarily walked the plank. >> how many more pirate references. >> as many as we can get in today, folks. meanwhile -- i was trying to think of a pirate talk for the fed chairman. they're expected to discuss economic policy and the fiscal cliff. bernanke has reportedly warned the fed doesn't have the tools to offset the economy. all the tax hikes go into effect at once in january. >> perhaps we should name the fiscal cliff the fiscal plank. just for today. >> fiscal plank. >> let's take a quick look at what's on the agenda today in the u.s. what may perhaps start to turn sentiment around this morning, or at least wake up traders. august housie ining starts at 8 this morning. building permits are expected to drop 1%.

at goldman sachs, david costen says we will fall to 1250 before the end. year. david bianco still at 1475. and at rbc, miles auerbach says we are underweight equities. and her year end forecast target is still at 1450. she's first to put out a note for 2013, and the target there is 1600 on the s&p. so far they're sticking pat, but we'll wait and see what happens before the end of the year. >> let's wait and see what happens now. we're going to bring in katie nixon, wealth manager. you hear about forecasters staying where they are. are you going to change your forecast? >> we've increased our forecast for the s&p looking at 1510, looking at multiple expansion in this environment for low for even longer. >> we're at 14 what on the s&p right now? >> 1485. so it's about a 2.5% increase from here. not without risk, but we still see upside. >> between now and the epd of the year? >> sure. >> we'll be back with you later. let's move on. want to check out -- whoa, there you are. two other sectors. courtney reagan has been making calls on how the retail sectors are going

marginally just a little bit to the upside given the fact goldman has such a deep natural bench. david: it was only three months ago the stock was trading at $90 per share. when you look at the jump over $30 in such a short period of time we realize when things are good, things are bad, goldman continues to remain on top. thank you, gentlemen. john, we will check in with you in a couple of minutes to see how the s&p futures closed. thank you very much. a crackdown, what really happened to the energy futures yesterday causing oil to fall $4 in minutes. the jury is still out, but says he wants to know if traders could be behind it all, he will join us live. liz: a vote to end the chicago teachers strike. live on the ground with the details and the resulted could have on the report. david: which one of these retailers is adding more than 50,000 seasonal jobs this holiday season? we will tell you which one it is coming up on "after the bell." [ male announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligence with minimal c

. >>> the changing of the guard over at goldman. cfo davidr is retiring and harvey schwartz is in and how does he lead the economy in this new era of banking. first up, less than a week after the fed's qe 3 announcement, the fed becoming the first to boost the monetary easing. the move to boost the japanese economy helping to send gold to six-month highs and the nikkei to four-month highs and it's all wrapped up, guys with the fed in a slowdown in china in the territorial dispute between japan and china. the bank of japan says it's only about the data, jim, but we'll see if that's actually true. >> the world is slowing. fedex told you that better than anyone. fedex has the pulse. there are many things being done trying to reverse the world being slowing. obviously, these all have side effects that maybe no one wants. gold, i think, can go to 2,000 in this environment. i think its currency meaning everyone wants the currency to come down. japan is a democratic issue. >> it's too many old people and not enough young people working. it may depen

goldman sachs naming a new cfo, senior trading executive harvey schwartz is going to be replacing davidmall group of executives considered potential candidates to take over when blankfein eventually steps down. this probably gets rid of a lot of the talk of blankfein stepping down any time soon because you wouldn't see these two steps down at the same time. he was vital in protecting the company during the financial crisis. >>> and in our global market headlines, japan's central bank becoming the latest to boost monetary easing. the bank expanding the easing program by 12 trillion yen, about $126 billion. this helped the nikkei finish at a high, coming at an odd time with tensions with china about a bunch of rocks out in the middle of the ocean. and china, there was an official yesterday, was it an official or someone who was a professor making this argument that they should declare war on japan through the bond program. japan is the largest holder of the debt. >>> and it's a big day for housing data. we're going to talk to chip case about the upcoming data housing starts. and that as w

david: the numbers don't indicate behind the scenes action, a lot of interesting things moving. goldman sachs, a lot of interesting stories in the market although again looking at the indices, a split decision, the dow is the only index posting gains today. the s&p just barely down. some individual stocks, watch out. liz: waiting for the news that is poised to happen. when the bell rings, we have a strategist who will give you three ways to hedge september. david: the ceo of overstock.com joining us as business leaders, what policy does he want implemented to stimulate growth? and why wall street is deeply flawed. liz: first, what drove the markets today with the data download. a nice day on wall street with the dow managing to eat out gains. today's top performers, nostrils and utilities the biggest liger. crossing a flat line 13 times today. up, down all around. copper closed above the 100 day moving average for the first time since man reports the european central bank will unveil a new a limited bond buying program, copper closing up 1.7%. a tale of two cities in the energy market.

so you know david cameron reshuffle his cabinet recently and apparently he appointed to her majesty's treasury three new consultants paul date an ex goldman sachs partner javid ex deutsche bank and greg clarke an ex consultant from boston consulting group they they this is sort of what i'm a madrasa right that's what wall street is they that's a school for financial terrorism they bring these goldman sachs teacher mad do improvise exploding financial bombs and then they stick them in two economies and greece are in the various countries around the world are municipalities or people pension funds and i explode in people's face and they go bankrupt and that's the point because they're terrorists but if anybody out there were having some sort of you know hope that something might change in the city of london or a wall street or around the world and that our economies might actually recover from the banks or infestation from the crime wave that we've seen then you can pretty much certainly agree with this cabinet reshuffle that it's not going to happen you know david cameron suffers from that disease were people who eat cat poop they go and s

david vinier was the best of the best. who was harvey schwartz? hum? >> this doesn't change the uncertainties hanging over goldman though. if you look at where goldman has gone in the last six weeks, this is a stock that is priced in a fair amount of good news. a wall street legend who is retiring is not going to be appla applauded. the stock gets pressure but not a disaster. tim has it right. going into this. we have everything and i bet you have somebody who is an expert on that area of the law. >> it is an interesting exit point. this has not been a non violent ride. back to 120 does the guy want to deal with his all over again? probably not. 12 years of being the cfo the only finance chief as a publicly traded company because it is too much of a headache to deal with the regulations that are coming down the pike. >> i would have a huge headache. >> i don't know this seems like smooth sailing compared to the other times not too far back. if i had to guess, it would be that he is thinking i'm never going to get the top job. so he may be open to other options? >> i don't know. >> yes, in terms of financi? i'm curious as

shapiro leaving goldman to be the cfo of david yerman. >> kohl's. >> i like the stock. >> wells fargo cycle is over. take a look. not new news. xhoen is doing well in that truck cycle. >> rbf, what is going on there? >> david says i've been talking too much about banko. >> it's the worst of the worst of the worst. >> narrowing the range. >> down the range. very bad. this is pcs. forget pcs. >> yeah. things tracking weaker than they thought. carmax, morgan stanley likes it. >> used cars are holding value. very good for people with old cars. >> a lot of people do. >> remember, 11 years is the average age. that's good news for the american consumer. that's why i wanted to include it. >> what's coming up tonight? >> okay. you know, tonight we've got -- this is -- we had paul, and i asked him, when we -- when he was here on "squawk on the street," please come on the hoe. this is about mobile media and mr. you can monetize. how lucky am i when the z man says it's time to monetize and get a lot of money. paul will tell us. >> do you think last night was the beginning of a new chapter in the

goldman sachs to a sell. looks like a valuation sell and $30 price target, covered to $27. david, back to you.llion coming from verizon, of course, some of its cable operations under the vios division, if you will, $250 million over time, 150 million and also cooperation between the two companies as well, and verizon is going to pay monthly license fees, dvr subscriber, what are predetermined levels as you see it there. tivo has done it with a number of providers out there, intellectual property when it comes to the basic dvr device and a number of thanks it implemented, that it came up with and clearly it's winning on in terms of saying, it's ours, you've used it, you owe us money for the stock. >>> coming up, education nation. struggling schools and taking a look at challenges, the potential solutions, and innovations spinning the education landscape. >>> i'm at mountain home high school academy. high school ain't what it used to be. how a new mom of schooling may be better for american students to meet american needs. we will have that later. we're sitting on a bunch of shale gas. there's n

goldman sachs trading unit before leaving. he will tell us where he's investing $4 billion in an environment of lackluster growth. >>> david stockmanor in the reagan administration but no fan of the gop the. ial ticket. he'll tell us why he's calling the romney-ryan budget a fantasy and a fraud. the third hour of "squawk" starts right now. ♪ >>> withal come back to "squawk box" on cnbc, first in business worldwi worldwide, i'm joe kernen along with andrew ross sorkin. becky quick is out sick today. >> not my fault at all. tissues over here. >> thank god i workout, i've been doing all i can to ward off not feeling well. the s&p and nasdaq had their best week in three months, the rally was broad in its strength, all ten s&p sectors finished in the black, and among the events this week likely to drive the markets, the fed will hold a two-day meeting in washington, they meet nonstop. that should be in our master rundown, so much, we're so fendefend e dependent on them, a good metaphor for the world. the central bank is expected to launch a third round of bond purchases to drive bow rowing costs at lower. they're not at zero so not low

goldman sachs. >> the power of the trustee in this case and the talent of the trustee, the doggedness with which they've pursue that had. >> fascinating, davidd have thought? pandora shares this morning taking it on the chin after report that is apple is mulling a licensing custom radio streaming service. is this the end-all, be-all for pandora? we have an analyst on that very topic next. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't

goldman's. jpmorgan downgrading firm to underweight from neutral. jpmorgan says its preference is based on valuation and they sort of have a reset in their strata of preferences for all the big investment banks. >> david and i often joke, it's been joking, about the morgan stanley book value. i'll say morgan stanley trades at approximate book. i was looking at a little history, i went back to the may june period of 2008 when people were recommending morgan stanley trading at 1.4 times quote. you get to what, where are we some hideous -- >> yeah. >> it hasn't meant anything. >> no, not at all. >> and mayo, let me be critical for a second. i haven't made a lot of money following mayo. he's excite, interesting, but so is the series of movies. i find that avengers was interesting. >> that's a good point. he may not be somebody you want to follow in terms of -- that may be the case, but i'll take interesting because that's more than you get from most. >> it's a meredith whitney interesting? >> yes, she's thought provoking. she may be wrong. may have been very wrong on municipal bonds, but it forced a discussion. that's something. >> clint eastwood. >> yes. >> and outliar argument. >> made it more exciting.