Having won $613 million for New York in a settlement with JPMorgan Chase, Attorney General Eric Schneiderman claims unfettered authority to spend the whopping sum however he wishes.
Not so fast . Given the huge dollar amount and loose terms attached to the JPMorgan payout, Schneiderman has no excuse for bypassing the budget process spelled out in the state Constitution.
The terms vaguely provide for doling out the money over the next four years to mitigate fallout from the foreclosure crisis — but give Schneiderman complete flexibility from there.
This is too much power to vest in one public official. Especially when the amount is seven times larger than any previous settlement by an AG — and greater than the annual budget of Rochester. He needs to sell a plan to the Legislature , as dictated by the Constitution he swore to defend.
