welcome to the blackrock fixed income trading floor. i know you've been to the new york stock exchange. this is different. we are an investment manager. it's an investment management trading floor. you don't see a lot of people jumping up and down, yelling and screaming and a lot of activity, trades being done across the desk. >> actually, you don't see that at the new york stock exchange anymore, for different reasons. >> yes. you see people -- there are two groups of people on the floor. people on a portfolio team and they are thinking about top down investment themes, portfolio construction. they talk to clients a lot. there are people on investment teams, corporate bonds, u.s. rates, high yield, and they are thinking about they are doing research and doing execution of trading and they own the bottom up security exchange. >> i want to ask you when you see on a day when the bond market is strong and you see a nice rally going on like today, what do you do in that case? give me your sense, the sense of the day. you know the m isarketo

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blackrock now is a very big firm.on't know how he jumps from there to here, but i tell you there is growing, growing chorus from investors and analysts to get someone outside of note, of experience, someone like the guy that runs bank of new york is another name i keep hearing. his last name is kelly. can't remember his first name. but these are the names i have been hearing lately. >> all right. fresh set of eyes is what you're hearing. thank you, charlie. >>> programming note, tonight is special prime time series "the business of innovation" explores the changing dynamic of cities in the face of unprecedented global changes. we'll talk about smart grids and powering up cities for the future. >>> michael, what do you think? talk to us about the smart grid and security. >> i worry about the possibility that someone winds up entering the system through cyberspace and potentially causes the kind of catastrophic thing you saw in the blackout. i worry about information tracking. does everybody know how much electricity yo

i said, larry, remember, merle lynch owns or -- bank of america owns 49% of blackrock. i asked him, he said no, he doesn't want the job. my gut is at some point that f. they really need a good ceo and they go to him, i bet you he'll take it. but that's my -- that's my bet. he's telling me he doesn't want it. investors are clamoring for a ceo with experience. and those names just don't have that experience, not yet. >> charlie, what's your best guess on the time line here? over what period of time is this going to play out? >> you you know, what we're telling me is before the end of the month which makes this whole notion of the, you know, the emergency ceo kind of moot. you know what i'm saying? they're going to pick him and then i guess that person steps in and does what he has to do or she has to do. but, you know, this is a very fluid situation. >> charlie, we got to go. sorry. you know the game. >> you got it. >> commercial, got to go. we'll be right back. >>> welcome back to "squawk." seconds away from september. it hasn't been above 50 in a year. guess what, it is