Catherine Rampell writes in the Washington Post, Chris Christie sells out New Jersey taxpayers
"For over a decade, New Jersey had been embroiled in a battle with Exxon Mobil over the contamination and loss of use of more than 1,500 acres of public land in the northern part of the state. The company was found liable several years ago, but the amount of damages and cleanup costs it owed had not yet been determined. Expert witnesses for the state ballparked the total figure at $8.9 billion, and a judge was expected to rule on the final number soon. But then, this month, the state’s lawyers swooped in and decided to settle for a mere $225 million, not including undisclosed cleanup costs."
"Historically, under state law, money received from environmental settlements has to be used on environmental efforts. But last year the Christie administration snuck some language into the state budget that effectively overrode this. For this fiscal year — and potentially this fiscal year only — the first $50 million of any environmental settlement will go toward environmental programs; anything above that can be diverted to plug holes in the state’s general fund. This meant there was great pressure for the state to settle the case now for whatever it could get, rather than wait — possibly for years — for the much larger amount likely to have been awarded by the judge."