If money is power, then the most powerful public official in New York is its comptroller, the sole trustee of a state employees pension fund worth more than a hundred billion dollars.
Just how that power can corrupt was evidenced last week in a searing criminal indictment by state Attorney General Andrew Cuomo and a corresponding civil complaint by the federal Securities and Exchange Commission. In this hard-core version of Albany's already scandalous pay-to-play culture, two top advisers to former Comptroller Alan Hevesi allegedly shook down major firms and investors seeking business with the pension fund, garnering over $30 million in kickbacks and gifts.
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The sweep of this indictment, how-ever, leads to the conclusion that those reforms aren't enough - that more fundamental changes are needed. Albany must finally enact public campaign financing for statewide officials. And to reassure taxpayers that the pension fund has the best possible oversight, a task force must evaluate whether there should be a board of trustees.
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Whether New York should change its sole trustee arrangement needs to be examined. What doesn't need to wait is campaign financing. Not needing millions of dollars to run reduces the temptation to abuse the office.
Since DiNapoli took office, he has been recommending public financing for comptroller races. His proposal would cap spending in the primary and general election campaigns and allow the candidates to get $6 in public funding for every $1 raised. This still requires the candidates to solicit contributions of more than $1 million in private funds. It's a start.
The Morris indictment, however, should spark support for public financing for all statewide races. In the past two years, Gov. David A. Paterson, Senate Majority Leader Malcolm Smith and Assembly Speaker Sheldon Silver have all supported campaign financing reform, if not outright public financing. Which ones will now take ownership of the movement for campaign reform - Paterson? Silver? Or Smith?
Attorney General Cuomo just hung a "For Sale" sign for all to see on Albany.Now, we need to see who's going to take it down.
The three men now running our state government have talked a good game for years on enacting significant and meaningful campaign finance reform. Now that the largest obstacle to achieving those reforms, the late GOP majority in the state Senate, has been removed, it's put up or shut up time.
The people of New York deserve nothing less than full public financing of campaigns. It could very well be the best money we've ever spent.
Your telephone is ringing, Governor Paterson. Pick it up.
