Cal. Watchdog Agency probes campaign donations to CalPERS board member with money woes

The Sacramento Bee reports:

The state's political watchdog agency is investigating the campaign account of a prominent CalPERS board member long plagued by personal financial trouble.

Charles Valdes had just been re-elected in December 2005 when he took $38,600 in campaign donations from companies and individuals doing business with the pension fund.

The campaign was over and he had no political expenses or debts, though his personal debts had recently made news.

As curious as the timing of the donations to Valdes were the donors behind them. One secured billions from the California Public Employees' Retirement System for his clients in subsequent years. Another had received an unprecedented line of credit from the pension fund.

You'll want to read the whole article.