Behind all the justifiable hosannas for Archbishop Timothy Dolan as he prepares to take over as leader of the Archdiocese of New York is a looming financial crisis in the form of a bill in Albany that would lifte the statute of limitations for a year on claims–though only on private institutions like the Catholic Church.

I have a short piece in this week’s New York Magazine about the issue.

Money quote:

“If this legislation passes I might as well give the keys to St. Patrick’s Cathedral to the first crooked attorney who walks down Fifth Avenue.” –Cardinal Edwrad Egan.