Old soft money was associated with access, like a wad of cash that you’d slip to a nightclub bouncer to get in the door. The new soft money is more like a bulge in one’s jacket pocket, an implied threat against those who refuse to comply.

—Dan Tokaji and Renata Strause in an Election Law Blog post yesterday that summarizes their new report, "The New Soft Money." This shows how important it is for mayoral candidates to agree to a People's Pledge in order to prevent this sort of threat from those engaged in independent spending (see my blog post on this)