It's about numbers of votes and how to get them.

[merrily]

8. P.S. Unruh used his power over state pension funds to get Wall Street donations.

I'd heard Unruh's name before your post, but I did not know much about him. I just read his wiki:

When he campaigned for State Treasurer during 1974, the post was considered insignificant.[2] Unruh's radio advertisements assured voters, "Make no mistake about it, I really want this job". Once elected, Unruh politicized the office. The Wall Street Journal noted he became "the most politically powerful public finance officer outside the U.S. Treasury".[2] California pension funds were a major source of revenue for Wall Street underwriting companies, and Unruh secured campaign contributions in exchange for doing business with them. The New York Times said he had gained control of "an obscure post whose duties had long emphasized bookkeeping. In characteristic fashion, he soon transformed the job into a source of financial and political power that reached from California to Wall Street."[3]

https://en.wikipedia.org/wiki/Jesse_M._Unruh

Is that how a state treasurer should finance a campaign? Doesn't it create the temptation to invest pension funds with the treasurer's biggest donors? Perhaps Unruh did not do that, but we can't overlook the existence of the temptation. I don't think tempting politicians is good social policy. And what if a politician doesn't have pension funds to trade for donations? What if a politician has only votes and access to offer donors?