These public-financing schemes are almost always incumbent protection schemes.
Good point! Soros the father, was also behind the last campaign "finance reform" bill of "McCain Feingold" which has an internet loophole that helped Obama elected with untraceable millions from international donors.
Any rules based system will always benefit the rule makers who know the rules more intimately than any outsider.
Merit based systems, like the competitive market place, allow innovation and entrepreneurship to thrive and destroy less effective methods.
If they really wanted to end government corruption they'd work hard to shrink government and governments role in the life of individuals. The size and scope of government is what generates corruption, not election funding.