"Surely a presidential contest between such well-known campaign finance reformers as Barack Obama and John McCain will be free of big donations from fat cats, right?

Not really.

Both candidates have established "joint fundraising committees," which magically -- and legally -- transform what we all thought was the contribution limit of $2,300 per person per election into donations that can reach into the tens of thousands of dollars.

The committees, which have names like "McCain Victory 2008" and "Democratic White House Victory Fund," will funnel funds from rich folks to the candidates' primary campaigns (that's the $2,300 part), to the national party (up to $28,500) and, in McCain's case, to state parties as well ($10,000 each).

An individual can donate up to $65,500 per election cycle to all parties and political action committees.

Some gadflies that backed past efforts at reform by Obama and McCain are unhappy about the new committees. "Campaign finance limits are supposed to prevent the undue influence of big contributors," said Taylor Lincoln of the liberal group Public Citizen. "By accepting contributions of up to nearly $70,000, McCain and Obama have blown a gaping hole in the integrity of our campaign finance system."

The joint committees will act as conduits for tens of millions of dollars, predicted Robert K. Kelner of the law firm Covington & Burling. "There continues to be an infinite number of ways to raise very large sums of money, even in the post-McCain-Feingold world," he said.

Oh, well." (Jeffrey H. Birnbaum, The Washington Post, May 20, 2008)