Posted 4 years ago on March 29, 2012, 10:18 p.m. EST by bensdad
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(Reuters) - The U.S. campaign finance system is so heavily influenced by big-spending interest groups and wealthy individuals that it will take "huge scandals" to change it - and those scandals are looming, Senator John McCain said Tuesday.
McCain, speaking at a Reuters forum on money in politics, gave a blistering critique of U.S. Supreme Court justices over a 2010 ruling that lifted limits on political fundraising and spending by corporations, unions and other non-campaign groups by equating their rights to those of individual citizens.
The decision led to the creation of "Super PACs," political action committees that have had outsized impacts on state and local political campaigns and are changing the face of the 2012 presidential election by dumping roughly $100 million into ads, most of which have attacked candidates.
"What the Supreme Court did is a combination of arrogance, naivete and stupidity the likes of which I have never seen," said McCain, one of the authors of a now partially overturned law that restricted political spending by corporations and other outside groups.
"I promise you, there will be huge scandals," McCain said, "because there's too much money washing around, too much of it we don't know who's behind it and too much corruption associated with that kind of money. There will be major scandals."
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