The massive amounts of money raised and spent by 527s has raised eyebrows and concerns among campaign watchdogs, who say the loophole in the IRS code creates a mechanism whereby political contributions are unregulated and unlimited.

Just how unlimited? Four individuals combined to contribute more than $73 million to Democratic 527s, almost all of it going to the presidential campaign.

How all that money was spent may be questionable.

According to the Center for Public Integrity, 527s by definition are supposed to be engaged in "nonfederal" political activities. But 98 of the groups examined in the study of IRS records targeted all of part of their message at the presidential campaign or congressional races.

And even though the politicking was not supposed to campaign for or against a candidate, there was rarely any mistaking who the preferred candidate was.

Since the campaign finance restrictions took effect in 2000, other organizations have turned to creating political committees that qualify under the 527 definition. These included special interest groups, unions, trade associations and groups like Swift Boat Veterans and MoveOn.org.

Charles Lewis, executive director of the Center for Public Integrity, observed that it is "still astonishingly easy to assassinate a political opponent's character, with little or no accountability or basis in fact."

Lewis added that it is nothing new that money and the messages it buys have a profound, even devastating effect on politics.

"As America recovers from the recent election, and as we ponder the documents and their data, I think the fundamental question is about political accountability," he said. "In the heat of the presidential or congressional campaigns, to what extent do we really know who is mucking around in our democracy?"

Magleby, who utilized more than 30 academic field researchers in five presidential battleground states, six hotly contested Senate races and nine House contests, is still analyzing data and will make a more detailed report of his findings in February.

---

E-mail: spang@desnews.com