CALPERS board member, seeking re-election, has twice been in bankruptcy

Charles Valdes is getting ready to win yet another term on the CALPERS board of directors:

Charles Valdes has been so mired in debt that he twice failed to complete repayment plans ordered by the bankruptcy court.

His precarious personal finances, however, likely will not keep Valdes from winning re-election to a sixth four-year term on the board of the nation's largest public pension fund, the California Public Employees' Retirement System.

By Monday, some 1.4 million CalPERS members - from college professors to city park groundskeepers - must mail in ballots with their choices for the pension fund's 13-member board.

It's inspiring that someone who is obviously so unqualified can sit on a the board of the largest pension plan in America.You've got to love those rather low standards in the public sector.Now,you know why CALPERS running the economy might not be such a good thing.Read the whole article.