* It’s more than a little ironic that the Ricketts family wants President Obama’s former chief of staff to provide them with a subsidy for their wreck of a ballpark while the family and its patriarch schemes to spend a fortune to defeat Obama via some pretty nasty political advertising…

A group of high-profile Republican strategists is working with a conservative billionaire on a proposal to mount one of the most provocative campaigns of the “super PAC” era and attack President Obama in ways that Republicans have so far shied away from.

Timed to upend the Democratic National Convention in September, the plan would “do exactly what John McCain would not let us do,” the strategists wrote.

The plan, which is awaiting approval, calls for running commercials linking Mr. Obama to incendiary comments by his former spiritual adviser, the Rev. Jeremiah A. Wright Jr., whose race-related sermons made him a highly charged figure in the 2008 campaign.

“The world is about to see Jeremiah Wright and understand his influence on Barack Obama for the first time in a big, attention-arresting way,” says the proposal, which was overseen by Fred Davis and commissioned by Joe Ricketts, the founder of the brokerage firm TD Ameritrade. Mr. Ricketts is increasingly putting his fortune to work in conservative politics.

The $10 million plan, one of several being studied by Mr. Ricketts, includes preparations for how to respond to the charges of race-baiting it envisions if it highlights Mr. Obama’s former ties to Mr. Wright, who espouses what is known as “black liberation theology.”

The group suggested hiring as a spokesman an “extremely literate conservative African-American” who can argue that Mr. Obama misled the nation by presenting himself as what the proposal calls a “metrosexual, black Abe Lincoln.”

A copy of a detailed advertising plan was obtained by The New York Times through a person not connected to the proposal who was alarmed by its tone. It is titled “The Defeat of Barack Hussein Obama: The Ricketts Plan to End His Spending for Good.”

The proposal was presented last week in Chicago to associates and family members of Mr. Ricketts, who is also the patriarch of the family that owns the Chicago Cubs.

I’ll give them the fact that highlighting Jeremiah Wright might’ve worked better in 2008, but Obama’s been president for three years now. How is an obscure, defanged preacher who’s been shunned by Obama for years going to hurt the president much now?

* More…

The plan is for the Democratic National Convention in Charlotte, N.C., to be “jolted.” The advertising campaign would include television ads, outdoor advertisements and huge aerial banners flying over the convention site for four hours one afternoon.

The strategists grappled with the quandary of running against Mr. Obama that other Republicans have cited this year: “How to inflame their questions on his character and competency, while allowing themselves to still somewhat ‘like’ the man becomes the challenge.”

Lamenting that voters “still aren’t ready to hate this president,” the document concludes that the campaign should “explain how forces out of Obama’s control, that shaped the man, have made him completely the wrong choice as president in these days and times.”

Good luck with that Wrigley plan, guys.

*** UPDATE *** I didn’t notice it earlier, but the Ricketts proposal is here. Also, the Tribune just picked up the story, but you have to read three paragraphs into it before you see any mention of Mr. Ricketts.

* Meanwhile, in other SuperPAC-related news…

Illinois’ campaign contribution limits would be eliminated if independent groups spent heavily in state races under legislation advanced by an Illinois House committee on Wednesday.

Senate Bill 3722 would remove contribution limits if another person or political action committee were to spend certain amounts of money for or against a particular candidate in the race. If an independent group spent $250,000 or more on a statewide race or $100,000 or more in other races, the caps, a reform measure passed after then-Gov. Rod Blagojevich was arrested, would be lifted.

The removal of the caps would apply to all candidates in the race.

* More…

But a top official with the Illinois Campaign for Political Reform suggested the Currie bill would “carve out a new legal loophole.” David Morrison, the group’s deputy director, said the Currie legislation would provide a road map for a manipulative candidate who wished to get rid of the limits. A third-party group that supports a governor candidate, for example, could put together enough money to remove all limits intentionally and time the move for maximum benefit, Morrison said.

Morrison urged for a task force to study what’s best rather than rushing through a response as lawmakers hurtle toward a May 31 adjournment deadline. But Democrats sent the bill to the full House on a 4-3 party-line vote in committee.

In a case brought by the abortion rights group Personal PAC, U.S. District Judge Marvin Aspen ruled that the organization could create its own independent-expenditure PAC and take unlimited contributions.

Aspen found that previous rulings by theU.S. Supreme Courtand the 7th U.S. Circuit Court of Appeals in Chicago “prohibit governments from enforcing limiting contributions to independent-expenditure-only PACs.”

Illinois’ first-ever campaign donation limitation law placed a ceiling of $10,000 on individual donations; $20,000 on corporate, labor or political party donations; and $50,000 from a PAC or a candidate’s campaign bankroll. The law also prohibited groups from having more than one political action committee.

* I totally agree that candidates should have the right to defend themselves if somebody starts dropping unlimited amounts of money into their races. The reformers don’t really have a response to this, so they suggest a delay. But a delay means nothing will be done before November. And the Ricketts story shows the sort of bigtime cash that’s gonna be dumped into races everywhere.

What say you?