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The Daily Brief

Define "Long Term"

Americans think the "long-term" is 4.4 years, Prince's estate owes money for 2006 divorce, and two brokers and a former New York state pension fund official are charged with fraud.

Over 40 percent of Americans are optimistic about their financial situations for 2017, according to a New York Life survey of more than 1,800 adults aged 30 or older. And, while the survey was generally positive–optimism was up more than 10 percent from five years ago among investors, who are more focused on reducing debt and saving for retirement than in previous iterations of the survey–it pointed to something that may be a bit worrisome. On average, Americans define "long term" as 4.4 years. “Is the length of a generous auto warranty really a long-term time frame?" posed Mark Madgett, senior vice president and Head of Agency Department, New York Life. "While planning for the next five years is a good idea, the realities of financial life show that long-term planning should encompass plans for the next 10, 20 and 30 years.” At the very least, 57 percent of Americans are making long term plans, however long they think that may be.

Prince's Estate Still Owes For 2006 Divorce

AUSTIN, TX - MARCH 16: Prince performs as Samsung Galaxy presents Prince and A Tribe Called Quest at SXSW on March 16, 2013 in Austin, Texas. (Photo by John Sciulli/Getty Images for Samsung)

The saga of Prince’s estate keeps adding new wrinkles, as the latest development is a claim by his lawyers that the Purple One stiffed them on the bill for his 2006 divorce. TMZ reports that Cousins Law Firm in West Palm Beach, Fla. has filed a claim against Prince’s estate in the amount of $599,753.63. Interestingly, though the divorce in question, from second wife Manuela Testolini, happened in 2006, the firm says that they had an arrangement with Prince that he wouldn’t have to pay until “all the loose ends were tied up.” The firm claims it completed everything by April 1st of this year (what took 10 years is anyone’s guess), but Prince passed on April 21st, apparently before he could pay up.

Former NYS Pension Fund Official & Two Brokers Charged With Fraud


Two brokers and a former New York state pension fund official were charged with running a pay-to-play scheme, an SEC press release indicates. Navnoor Kang, who formerly served as the director of fixed income for the New York State Common Retirement Fund, funneled about $2 billion of the fund's money to the benefit of brokers Gregg Schonhorn and Deborah Kelley, who earned millions of dollars in commissions off the scheme, Forbes reports. In return, the brokers showered Kang with gifts: a $17,400 watch, $4,200 Hermes bracelet, $6,000 VIP tickets to a Paul McCartney concert, as well as tens of thousands of dollars spent on cocaine and prostitutes. “We allege that rather than compete fairly for business from the New York State Common Retirement Fund’s $50 billion fixed income portfolio, Schonhorn and Kelley bribed their way in, lining their pockets with millions in commissions along the way,” said LeeAnn Ghazil Gaunt, Chief of the SEC Enforcement Division’s Public Finance Abuse Unit. “Moreover, they allegedly assisted Kang in covering up his misdeeds, with Kelley going so far as to help Kang obstruct the SEC’s investigation.”


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