The scandal is still fairly new, so it may be a little early to see how the Shag Fund scandal will affect Rudy Giuliani's poll numbers, but Republicans are apparently aware of it. Campaigning in South Carolina yesterday, Giuliani was spared humiliating questions, but there was "grumbling" among voters.

None in the crowd asked him about the billing disclosures during the event, although some grumbled about it beforehand.

"I don't think that's proper," said Paul Schaefer, 79, who is trying to decide between Giuliani and Arizona Sen. John McCain. In a close call, the security detail flap could make up his mind, he said.

Time will tell if Mr. Schaefer is representative of a larger GOP trend, but I'd just add that Giuliani's standing in the future's markets took a sharp and sudden drop on Wednesday afternoon. It's probably not a coincidence.