The best campaign finance system is to have no limits on donations and full disclosure in real-time, and let people make up their minds about the situation. Otherwise, we devise a system that is full of loopholes and contradictions that really has no integrity.
Take NBC's Rock Center that did a special on the Special Operation to kill Osama Bin Laden:
It is a great compelling narrative that 100% positive for President Obama.
You see Obama as Commander in Chief.
You see Hillary Clinton in action (most popular politician in America)
You see the President surrounded by white males (his toughest demographic group)
You see Joe Biden with Rosary ring (important Catholic vote)
You see patriotism, toughness, etc.
In other words this is a campaign video in the guise of a news program.
I loved it personally. But seriously, to communicate this "news" to tens of millions of people is worth probably $15 million in contributions. Mainly because it was nationally, and "unbiased".
Yet, someone had to decide whether to do the program or not. Once that was decided, it was a foregone conclusion that since the raid went well, the program would be beneficial for the President.
That NBC person shouldn't be able to influence the 2012 election any more than any other person with such big money pockets. Or a large group of people with small pockets.
Everything matters in speech. We need to allow more of it.