I thought McCain-Feingold was supposed to clean up campaign finance.
A torrent of secret money is flooding into the leading presidential campaigns, with more than $118 million, or one-quarter of the total raised in this cycle, banked without disclosure of who gave the funds or where the donations originated.
The money is coming from hundreds of thousands of donations of $200 or less, which have been widely praised for democratizing the system for funding White House bids. However, the surge in low-dollar gifts has come at the cost of transparency, since federal law only requires campaigns to itemize donations when a donor gives more than $200.
According to an analysis being released today by a Washington think tank, the Campaign Finance Institute, Senator Obama of Illinois led the pack with such small and secret donations, pulling in about $31 million during 2007. Rep. Ron Paul ran second in small gifts, raking in more than $17 million. At the end of the year, Senator Clinton and John Edwards, who has since dropped out, were essentially tied for third in unitemized, small contributions, with each candidate raising about $11 million.
The rules put the onus on the campaigns themselves to determine how and from where overseas funds can be accepted. Guess which candidate accepted funds from Syria and the “Occupied Territories?” Read the article to find out.