From the sad irony department: CalPERS, long a force in the good corporate governance movement, has been saddled with an investment scandal of its own. Pensions & Investments reports CalPERS board member Charles Valdes' campaign "is suspected of accepting $38,000 in donations from companies and firms that secured investment business from the $190.6 billion pension fund."

A state investigation is underway. Alfred Villalobos, a former CalPERS board member, contributed to the Valdes campaign. He later became a placement agent that secured $3.4 billion in commitments from the pension during Valdes' tenure as head of CalPERS' investment committee. In addition, Villalobos was the placement agent representing Apollo Global Management in 2007; he secured the purchase of a 10 percent stake in Apollo by the pension. 

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