As Wyly's enemy McCain implicitly acknowledged—before Wellstone's amendment mucked up his bill— that just seems like part of what freedom to speak means.
I hope this clears everything up!
Just in: David Broder's wrong too! In his most recent column he describes McCain-Feingold's effect:
If the Sierra Club or the National Rifle Association or any other interest group wanted to buy ads praising or criticizing a candidate for federal office in the weeks leading up to Election Day, it … would have to solicit its supporters to make additional gifts ... within the contribution limits.
Not if the interest group wasn't incorporated!