Surprised?

Hopefully not.

According to the LA Times, State Treasurer Phil Angelides has received $4.5 million since 1999 from "money managers and others seeking to do business with the state's two major public pension systems." As State Treasurer, Angelides has an ex-officio seat on the boards both the general state pension fund, CalPERS, and the state teachers' retirement fund, CalSTRS.

Also according to the Times, Controller Steve Westly, Angelides' primary rival, has received $1.8 million since taking office in 2003 (he also sits on the two boards). The second article also highlights the widespread skirting of state law requiring disclosures of campaign donations from pension businesses to state pension board members.

Fortunately for taxpayers, this doesn't seem to be hurting the pension funds too much: CalPERS had a 12.7% rate of return for the FY ending 6/30/05, while CalSTRS enjoyed an 11.09% rate of return for the same time period.