The $400 Million Year in Politics

It's campaign finance filing time. Here is a roundup of the facts, thanks to our moneyman, Dan Morain:

• Gov. Arnold Schwarzenegger, with a substantial lead over state Treasurer Phil Angelides in the polls, has less money in the bank than his Democratic rival. ($2.4 million, compared to Angelides' $2.8 million).
• Why? Arnold likes to spend — $14.4 million between July 1 and Sept. 30. More than $5 million went to stuff other than TV ads. Big events, transportation, voter outreach, consultants and staff add up the tab.
• Oil companies (against) and Hollywood producer Steve Bing (for) have contributed a combined $98.4 million in the Proposition 87 oil tax initiative campaign. That's a record.
• The election could cost donors a combined $400 million.

And for the irony of the day, Morain snagged an insider e-mail (see photo) from the campaign to defeat Proposition 89, which would put strict contribution limits on candidates and install public financing. Turns out the opposition (which includes nearly the entire political establishment) hasn't raised enough money.

"There is a real possibility that we may have to cancel the first week of the television schedule if we do not receive the pledges that have been made very soon," the e-mail, dated Thursday, said. "To say that this situation is a major concern is an understatement."