One generation's reform is often the seedling of the next generation's corruption. In the 1970s, Congress tackled widespread abuses in campaign finance by wealthy individuals and in effect directed candidates' fund raising toward industry, union and issue-oriented gifts from regulated political- action committees. The device proved effective beyond anyone's imagining: since 1974, the number of PACs has risen from 608 to 4,092, the number of contributors has grown to about 4.5 million, and total donations may reach an estimated $125 million -- perhaps a quarter of all funding -- for this year's House and Senate races. Most PAC money goes to...
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