More from the New York Times, we get the basics of the charge:
The DeLay organization was charged with accepting a contribution of $100,000 from the Alliance for Quality Nursing Home Care and one of $20,000 from AT&T. A statewide business group, the Texas Association of Business, was also charged.State law prohibits use of corporate contributions to advocate the election or defeat of state candidates, and prosecutors accuse the DeLay organization of engaging in a complex scheme to circumvent the law.
The seriousness of this, it seems to me (at first blush anyway) is going to be how much the circumvention was a “scheme” and how involved it actually as, and particularly how involved Delay was in the circumventing.
It seems likely that all of this will end revealing a great deal of convoluted attempts to stop the inevitable flow of money into campaigns. However, even if one isn’t especially scandalized by the use of corporate funds for campaigning (which is another issue), one cannot try to creatively avoid the law.
If anything, it seems to me that this whole case will underscore the labyrinthine nature of campaign finance rules and regulations.