Never has so much bought so little of what it was meant to buy. Obviously the funds expended on behalf of Jeb Bush have bought a great deal for a great many people. Even if the estimate of Mike Murphy’s take is overstated—or possibly confuses gross billings by his firm with net income to himself—the 2016 super PACs have provided princely incomes for their principals and comfortable livelihoods for hundreds more. The question that is bound to occur to super PAC donors is: “Are we being cheated?” Increasingly, super PACs look like the political world’s equivalent of hedge funds: institutions that charge vastly above-market fees to deliver sub-market returns.

Disgust with the costly ineffectiveness of super PACs may explain one of the most important mysteries of the current phase of the 2016 campaign. We keep hearing that Marco Rubio has replaced Jeb Bush as the new darling of establishment Republicans. Yet Rubio’s fundraising has lagged. Rubio’s super PAC, Conservative Solutions, raised $14.4 million in the second half of 2015—the period in which Jeb Bush’s candidacy cratered. In January 2016, by which time Bush was plainly doomed, and Rubio cast by almost all reporters as theoretical front-runner, Conservative Solutions raised only $2.46 million.

That’s not going to stop anybody, least of all Donald Trump, who not only leads nationwide, but (as of mid-January) is ahead by 26 points in Rubio’s must-win Florida.