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Updates, July 17: Sen. Obama raises $52 million, with an average contribution of $68 per person. RNC's war chest still much larger than DNC's. Some media coverage below:

Keith Olberman (MSNBC) had a segment on the subject on his show tonight.
When the GOP falsely accused Barack Obama of “reneging on a promise” to take only public campaign financing, its pretext was the reliability of his word… In reality, its complaint was about his competitiveness. 52 million dollars, the Democrat raised in June. And in our fifth story on the Countdown: that still puts him and the Democrats well behind the Republicans, and it points out the real nub of the GOP complaint gist… it’s the economics, stupid. More over, Obama tonight is seeing results of the different way he’s spent the money with startling poll numbers out of the swing states.”

The Huffington Post wrote:
WASHINGTON — Though he’s raking in the cash so far, Barack Obama’s decision to forgo public funds for the fall campaign means he must keep up his torrid pace _ a tall order that will tax his time, test his Internet support and require the help of Democratic donors who once wished for his defeat….

This week's show:
Veteran New York Times reporter Leslie Wayne, who has been writing on campaign finances and lobbyists since 1996 for the publication, joins us in conversation to talk about one of the many historic natures of this year's American Elections: campaign finances. Senator John McCain set a record for himself recently by raising $22 Million for his campaign, where as Senator Barrack Obama's $22-23 Million in May was one of his lowest numbers. Join us for a conversation on all things related to the campaign finances of the two presumptive presidential nominees, Senators Barrack Obama (D) and John McCain (R), and their respective parties.

Leslie Wayne talks about campaign coverage in the media, and campaign finances, at the South Asian Journalist Association's annual convention in June 2008.

On Senator McCain's Record Fundraising:
Example of success breeding success; people donating to him since he is the nominee. The $22 million is a really good showing for McCain since he has had so many fundraising problems in the past, almost ran out of money last year.

Obama has in may ways rewritten how fundraising is done in American politics, raising small amounts from people from all over the country. In May, he took in about $22-23 mill, which is one of his lower showings.

On Senator Hillary Clinton's Debts:
Hillary has to pay vendors, and one of the problems is a bulk of it is for Mark Penn, not the most popular figure amongst democrats. She raised over $20 mill for her general elections which has to go back to her donors and can't be used for paying off her debts.

On Democratic National Committee's Weak Fundraising:
Democrats giving money directly to candidates because Howard Dean's 50 State Strategy for DNC not popular amongst many within party, Republicans have an efficient fundraising machine and there is no controversy in the strategy employed by the Republican National Committee.

On Lobbyist Steve Farber Raising Money for Democratic National Convention:
Obama has denounced special interest groups and won't allow lobbyists to donate to his campaign, but the Democratic Convention Host Committee has powerful lobbyist Steve Farber to raise money. Reality is that the Host Committee needs this money. Obama did not select Farber, Host Committee operates separate from Obama campaign. Money being raised to be used to showcase Obama and Democratic party makes things awkward for Obama.

A lot of fundraising pressure on Obama at this time. Obama has set a high bar for himself; first candidate to turn down public campaign finance because he feels he can raise more money on his own. He is trying to help Hillary Clinton write off her debts and under pressure to urge his supporters to contribute to the Host Committee.

On Big Money and Other Contributors:
Right now both candidates after big donors in cities like Chicago, New York, Los Angeles, Florida, Texas. Conventional thinking dictates Wall St. lines up with Republicans but that's not always the case; Silicon Valley is new money in Presidential Race split both ways too, and trial lawyers tend to be Democrats.

Big corporations will sign up for both the Conventions, Republican and Democratic; GM official car provider at both the conventions, various telecom, insurance companies and consumer products at both conventions too. We think conventions are about politics, but a lot of corporations see the conventions as a real marketing opportunity.

Others:
McCain campaign still trying to get it into smooth sailing, Obama campaign disciplined so far in the campaign. Obama will spend a lot money in states that Democrats traditionally don't, which is part of the Howard Dean's 50-State strategy. RNC experienced in running elections, has smart staff; focusing more on presidential race than down ticket race of getting Republicans elected for Senate. McCain tends to fall apart but in the end manages to pull together and even win, such as in the primaries it self.

Over Seas interest in American elections like never before; newspapers have articles just as sophisticated and detailed like those here; interesting branding exercise for America as a whole.

Unfolding Finance Issues to look out for in the coming several days:
Who is raising how much money and where it is coming from? Look out for Obama's June numbers. Will McCain be able to tap into the online and youth direction for fundraising?

Lesly Wayne's article referred to in the conversation: Democrats Look to Lobbyist to Finance Convention

Photo Credit:
Kashish

Music Credits:
Opening and Closing Theme: Young Folk by Peter Bjorn and John
Filler 1: Souvenours by Architecture of Helsinki
Filler 2: Mushaboom by Leslie Feist
Filler 3: New Slang by The Shins