Get a Firm Grip on Campaign Finance Coverage

There's an excitement to covering political campaigns and, for me, the most interesting part of the campaigning is what goes on behind the scenes: The raising and spending of billions of dollars in ways that have a tremendous impact on the outcome of an election.

In politics, there is the oft-heard expression that money is the "mother's milk" of politics, and nothing could be more accurate. In the 2004 election, which included the Presidential race, spending is estimated to have reached $4.2 billion. Records were broken by the $2.6 billion spent by candidates, parties and outside issue advocacy groups to influence the 2006 Congressional races. And, money-raising is already in full swing for the 2008 Presidential election.

But how is a reporter to sort through the morass of numbers to come up with compelling stories? Fortunately, there are a number of data-rich web sites that can bring information about campaign donations and expenditures to your fingertips. These web sites are a treasure trove of raw information, and mastering the art of writing about campaign finance requires an agility in negotiating these sites, along with a little imagination in coming up with stories.

For starters, I'd spend some time getting comfortable with any number of these sites. Each is a little different. But, in general, you can find data on campaign donations, spending by candidates, lobbying registrations and corporate connections as well as information on candidates' personal finances. In addition, there is also information on the cottage industry of consultants and advisors hired by the candidates along with the finances of any number of outside organizations seeking to influence elections, whether they are political action committees, issue advocacy groups or the newly formed 527 committees, the latest conduit for big-ticket donations.

In no particular order, my recommendations are The Center for Responsive Politics (www.opensecrets.org), the Federal Election Commission (www.fec.gov), The Center for Public Integrity (www.publicintegrity.org) and Political Money Line (www.politicalmoneyline.com). Besides providing raw data, these web sites will often collate information and point out new trends in campaign finance that can form the basis of stories. It is well worth the effort to get comfortable with these sites in advance of the election and spend time digging through the data to find patterns in spending -- and potential stories.

It is also worthwhile to know the rules of campaign finance -- which seem to change every campaign season -- to know what is legal and what is not. Equally worthwhile is to be aware of the myriad of ways that donors can support a candidate. For starters, there are donations directly to candidates, parties and advocacy committees that support various candidates.

That's just the beginning. Each campaign season brings new opportunities for separating donors and their money -- among them are:

• Donations to pay for the party conventions

• Sponsorship of lavish fund-raising events

• The use of corporate planes and other travel perks to candidates

• Donations to leadership political action committees, which are special fund-raising vehicles that are set up by members of Congress as their own personal war chests

Campaign finance coverage is a lot of connect-the-dot reporting. To get a full picture, all the dots need to be in line. For instance, The Center for Public Integrity found that Rep. Steny Hoyer, who helped fund-raise for the Democratic Congressional victory in 2006, took in nearly $1 million for other Democratic candidates through the use of his own "leadership" political action committee, AmeriPac. Donations came in to AmericPac from individuals, unions and businesses which Mr. Hoyer, in turn, bundled up and donated to other Democratic Congressional candidates to help win control of Congress.

The candidates' own personal finances are also a good place to look. Already this year, stories have come out reporting that Republican Presidential candidate Mitt Romney contributed tens of thousands of dollars to conservative groups to burnish his image with them. Meanwhile, Barack Obama, the Democratic challenger, bought stock in two speculative companies with financial ties to some of his biggest donors.

Stories like that are hiding in plain sight in the data. In addition, it is worth getting to know a whole network of sources. Many donors love to talk about politics and fund-raising. I've spent hours cold-calling Texas oil men, Wall Street financiers, Hollywood moguls and other big-ticket donors, and found many to be surprisingly chatty and approachable. Lobbyists, whose job requires them to attend fund-raisers, are also plugged in and, often, talkative. Then there are the party finance directors and the outside lawyers who specialize in campaign finance law and are on top of each party's fund-raising efforts.

People love talking about money, and following the trail of the money -- as old as that axiom is -- is a sure way of ferreting out behind-the-scenes campaign stories. It is a type of reporting where patience is rewarded, which can be practiced on either the local or national level and which will bring you in touch with some of the sharpest political minds. It is a type of reporting that asks you to embrace numbers and let them tell you the story.

But more, it is a type of reporting that will lay bare who is influencing elections and reveal the hidden hands pulling the strings. And what could be more exciting than that?

Leslie Wayne is a business reporter for The New York Times and has covered campaign finance in the last several Presidential races.

Copyright © 2008 Donald W. Reynolds National Center for Business Journalism