An indictment in hand is worth two …

From the Toledo Blade (whose coverage of what some are calling "Coingate," has been excellent):

A federal grand jury has indicted Tom Noe, the former Maumee coin dealer suspected of laundering money into President Bush's reelection campaign, Mr. Noe's attorney told The Blade today. […]

Gregory A. White, the U.S. Attorney for the Northern District of Ohio, will hold a news conference in Toledo to announce "a major public corruption indictment."

The U.S. Attorney's office announced in April that it was investigating Mr. Noe for possible violations of federal campaign finance laws. Sources have told The Blade that authorities believe Mr. Noe gave money to several people who then contributed to the Bush-Cheney campaign. […]

Local law-enforcement sources said investigators are looking at contributions made by people from the Toledo area to the Bush campaign at the fund-raiser, at which the campaign raised $1.4 million.

Mr. Noe, who was tagged a Bush "Pioneer" for helping to raise at least $100,000 for Bush campaign, sponsored a table at the event, and invited a number of people to attend.

An individual can give only $2,000 to a presidential candidate in the primary and another $2,000 in the general election, according to federal law. Throughout the 2004 campaign -- primary and general -- Mr. Noe contributed $2,000. His contribution came in August, 2003.

Prosecutors were trying to determine if Mr. Noe gave people money in order for them to give to the Bush campaign, allowing Mr. Noe to exceed federal spending limits.