. >> i talked to marissa mayer and the chief financial officer, ken goldman, both off the record butn say, they have gotten a lot of advice on the issue. just about every tax attorney that has looked at the issue has offered their opinion. is starboard really putting new ideas on a table, do they think they bring something new to the table? >> i don't think jeff smith of starboard things he needs to put anything new on the table. today's letter have to do with the sign that they perceive, that were semi-or will do something other than a tax efficient spinoff of the alibaba and yahoo! japan assets. however, yahoo! and its lawyers -- however yahoo! and its lawyers choose to structure it it needs to be a spinoff, so the shareholders edited from an unlocked value. what they perceive happening is two things. on the one hand, marissa mayer is contemplating big m&a transactions which scares the living daylights of the people at starboard because they do not feel she is a good acquirer. secondly, they are worried about instead of doing a tax efficient spinoff, she will do a split which means

i spoke to marissa mayer and the cfo ken goldman on the phone, talked to them and asked them specificallyhat. their belief is the growth trajectory of those other -- those maven businesses will overpower display, which they hope will return to growth over the course of this year. goldman saying the accelerated momentum on the year as the year unfolds, will be the story. we'll see. we'll give them credit because now it's the focus is on that core business. once you have dealt with alibaba, and, yeah yahoo! japan st. louis a significant stake, once you dealt with it it's about performing for the core business. >> given the number of shares they bought back if this does turn, they'll be bought by somebody else. >> it's hard to turn hard to do, isn't it? >> it's really hard. those of us involved in the web, seen the display crash, it's almost impossible to make it up in volume in other places but they do have -- they did have good page views. again, you know they did not do social. and she's late to the party. not her fault. a lot of what happened is not her fault. long knives are out for thi

ken? >> i directly cover goldman sachs and also morgan stanley. let's talk about goldman sachs. ised you know, they do raise the dividend yearly and they bought back $6 billion of stock which helps on earnings and return on equity. >> ken, i don't expect you to cover credit suisse or ubs but the tectonic plates are shifting. lost a fifth of the value in a session in a quarter, swiss franc's done what we know what it's done how does it affect wealth management industry? how far does it stretch to the names that you cover, do you think? what's the color here? >> in the case of episodic events like swiss franc, for the businesses of goldman and morgan stanley, these are very small businesses. they're larger for banks like deutsche bank and onces you've mentioned. i don't believe it's going to have either a direct financial or a confidence impact particularly on u.s. wealth management. >> finally, ken, a big discussion about legal costs and the degree to which analysts should be separating them from corporating models some say analyst whose do that should be ashamed. do you agree. >>

ken kamen, thank you for your time. wilfred you were just saying when rates will rise this year. there's a lot of speculation on whether rates will in fact rise in 2015 goldman sachs saying 2016 given that inflation is well below 2%. >> i'm not nailing my colors to the mast on that fact. i do agree with ken the big thing that everyone is saying it will be very gradual, small rises at a time so it won't necessarily be as big an impact negatively as some people are expecting but a lot still out in the open. >> it's going to be a fun year. >> in the short-term let's give you a run down of what to watch this day. sums up all financial activities will be out at 2:00 p.m. eastern time. minneapolis fed president is speaking this evening and home builder k.b. home reports results before the open while csx is after the close. >> let's take a look at the other top stories at this house. u.s. central command says it's twitter account is active again after it was hacked by isis sympathizers on monday. the group posted threats and documents including the addresses of two retired u.s. generals although none of it is classified information. centcom overseas u.s. troops ove