Rise Of the Bundler

The Wall Street Journal has a great cover story today on the blossoming impact of campaign "bundlers" on the political landscape.  It notes that the practice (susceptible as it is to abuse by bad actors) has exploded in the wake of McCain-Feingold campaign finance restrictions, much the way the PAC system exploded following Watergate-era reforms.

The strange case of Norman Hsu, the textile-importer-turned-fugitive who cobbled together $800,000 in contributions for Sen. Hillary Rodham Clinton's presidential campaign, is the tip of the iceberg.
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The number of bundlers working for presidential campaigns has nearly doubled since the last election, according to a Wall Street Journal analysis of data from campaigns and watchdog groups.
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Bundling is legal and has been around for years, but new forces have turned it into an election-season cornerstone. Campaign costs have surged, with each candidate's viability increasingly measured by their ability to raise cash. Recent finance reforms have closed old avenues for individuals to make big donations, making stars out of connected fund-raisers who can coax small donations from a broad network of names. Campaigns encourage ambitious bundling by rewarding top fund-raisers with perks, including access to candidates.
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Bundlers raised at least $109 million for the presidential candidates during the first nine months of the 2008 campaign. ... The actual share contributed by bundlers is likely higher, because top practitioners raise far more than the minimum -- nearly $1 million in Mr. Hsu's instance.
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The funds bundled so far this election cycle represent at least 28% of the record $379 million raised overall for this campaign. By comparison, figures compiled by Public Citizen show bundlers accounted for 18% of funds raised in the 2004 contest, and 8% in 2000.