schwartz saying that he is excited about the opportunity and mr. vinier set the standards for cfo's. at this point the company's strong position he felt along with the fact that they have a good team it was time to make this kind of transition. it wasn't the kind of decision when asked when this was made. it never happens until the day it happens. mr. schwartz defending his own background questioning his own exexperience he says he does have plenty of that when it comes to handling the securities division when he was co head. saying that he was going to be relying heavily on the team to take over the job. he will assume the roles that he had at the firm. he oversaw technology and mr. schwartz has experience heading the committee looking at the new regulation. guys back to you. >> a quick question, what is the general take of analysts? what was your impression? >> you know a number of them said we are familiar with you but more from the client side. there were concerns about how he might handle the accounting duties. >> mr. vinier saying i wasn't tr

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 increasing its def dend by 15%. >> i guess is it not trading in the after hours? i would think that would push the stock higher. >> we're g

mr. schwartz. and might be helping a little bit. up arrows. back to you. melissa: thank you so much.les of existing homes jumped to their highest level in more than two years. is the worst behind us to back or is there to will bring? to fight after the break. lori: first, take a look at some of his ways and losers of the s&p 500 here as we head to break poultry group trading up by seven. six and a half%. dr horton higher by three and a half. be right back. [ male announcer ] let'say you need to take care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself. it's law that just makes sense. looking for a better place to put your cash? here's one you may not have thought of -- fide

it doesn't mean it will change under schwartz, but they're the things to remember when you think about mrar's tenure. >> blankfein, schwartz, cohn, what do they have in common? a challenge. >> oh, is that it? >> do you think that's why viniar is out? he had too much hair? what are we supposed to glean from that comment? >> i worked at the securities division which was a very interesting promotion because the securities division always considered lesser when it comes to reggor of numbers, better when it comes to schmooze. do we want to schmooze the cfo? don't know. >> here's the conspiracy theory behind this move and we don't know if it's true that viniar wanted to be ceo and blankfein said that he willemai ceo of goldman sachs and viniar saw this as an opportunity to move. that's one theory. the other is viniar is stepping down because the quarter will be good. >> conspiracy theories. traders are conspiracy theorists. >> it tells a smaller fraction. >> he's not old. he's done very well for himself, no doubt about that. anybody who worked at goldman sachs for 32 has likely had a pretty goo

schwartz: thank you, mr. hoyer. you've been speaking every week on the actions we ought to be taking to protect our seniors, deprow our economy and making sure our children have a great future. you speak eloquently about that every week. i'm pleased to be able to just join you in calling attention to the fact that we do have serious economic and fiscal challenges in this nation and instead of coming together, trying to find common ground, trying to find that agreement so we can solve these problems for the -- that the american people are asking us to do so solve the problems, the republicans have been doing nothing, trying to roll back, move us backwards and in fact republicans as we know just decided to recess and head home. we know the republicans, yet again, have made their choices, their priorties, their values very clear, not only to us but our constituents, but really all americans are seeing more clearly what the republicans' choices have been. they are determined to dismantle the progress we have made and co

schwartz: thank you, mr. hoyer. you've been speaking every week on the actions we ought to be taking to protect our seniors, deow our economy and making sure our children have a great future. you speak eloquently about that every week. i'm pleased be able to just join you in calling attention to the fact that we do have serious economic and fiscal challenges in this nation and instead of coming together, trying to find common ground, trying to find that agreement so we can solve these problems for the -- that the american people are asking us to do so solve the problems, the republicans have been doing nothing, trying to roll back, move us backwards and in fact republicans as we know just decided to recess and head home. we know the republicans, yet again, have madtheir choices, their priorties, their values very clear, not only to us but our constituents, but really all americans are seeing more clearly what the republicans' choices have been. they are determined to dismantle the progress we have made and continuou

mr. shuster, my colleague from the foreign affairs committee, ms. schwartz, also from pennsylvania for their leadership on this issue. this resolution expresses the sense of the house of representatives with respect to the establishment of a democratic and prosperous republic of georgia within its internationally recognized borders which includes abkhazia and south ossetia regions of georgia. it's time for russia to remove its occupying forces from these areas and comply fully with the august 12, 2008, cease-fire agreement. it is also time for the russian federation, venezuela, nicaragua with a to revoke their recognition of the georgian region as independent states and respect georgia's sovereignty. the territorial integrity of georgia has been reaffirmed by the international community multiple times in united nations security council resolutions. i commend georgia for its commitment to a peaceful reunification of its territories and its engagement in constructive confidence building measures towards the occupied territories aimed at reconnecting the divide