I believe theymos makes decisions such as this, and the moderators cannot affect such things that much right?
Pretty much. Theymos is slow to act on numerous issues if at all. You're lucky to get a PM response back for even a minor issue. If I had my way a problem campaign would be given a warning that they have a few days to drastically clean up their campaign and PM a list of spammers they have removed. If they didn't or spam was still clearly a problem I would trash all their bounty and announcement threads and ban their accounts along with blacklisting their signatures (which was meant to happen with the signature campaign guidelines thread but several campaigns have been requested to be removed and no action has been taken). Either theymos doesn't care, doesn't have time, or would just prefer the forum/community to largely police/run itself (which is going to be straight into the ground).